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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and the location-making, thereby transferring them away from imposing new constructions to more collaborative spaces. This trend is also evident with retrofitting of existing buildings to enable companies to use them in a variety of ways that are looking to reduce or move into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace providers like WeWork and Regus, but also because IT firms benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, 1871 incubator is rated as one of the premier incubators in the world.
Chicago is among the top three manufacturing cities in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location which makes their products easily transportable across the globe or across the nation. Additionally, the innovation in the manufacturing industry is rapidly growing so Chicago has numerous incubators such as mHub.
Transportation and logistics are key economic drivers in the Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a wide shipping fleet, including container ports and air cargo hubs. airports, inland waterways and rail yards. It also has robust intermodal facilities providing access to the whole US the supply chain.
Chicago remains well placed for a long-term economic success thanks to the recent expansion to the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional trade by handling both containers and bulk merchandise.
Tourism in the Chicago region is also experiencing growth and will return to pre-pandemic levels in the summer, due to a variety of major events like NASCAR events, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government decreases travel restrictions. However, consumer confidence could suffer as markets for housing are highly volatile Realtors can help buyers navigate these nuances and ensure that informed choices are made by buyers.

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