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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater value on amenities and placemaking, leading them away from extravagant new construction to more collaborative areas. This trend is also evident through retrofitting of existing buildings to facilitate 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 companies like WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has been recognized as one of the premier incubators globally.

Chicago is one of the three top manufacturing cities in the US with a high concentration of food production, plastics and metals. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported across the country or around the world. Additionally, the innovation in the manufacturing industry is rapidly growing thus Chicago offers numerous incubators like mHub.

Transportation and logistics are key economic drivers in Chicago area, especially when companies shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet including container ports as well as air cargo hubs, airports, inland ustr Press release, www.diigo.com, waterways, and rail yards as well as robust intermodal facilities providing access to the entire US logistics chain.

Chicago is well placed for a long-term economic success with the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce through handling bulk and container items.

Tourism in the Chicago region is also seeing an increase, and it is expected to return to pre-pandemic levels in the summer, due to a variety of important events, including NASCAR race, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government reduces travel restrictions. However, consumers' confidence may suffer because the housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and ensure that informed choices are made by buyers.