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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and the places to be, which is driving them away from trophy new construction to more collaborative spaces; this trend can also be seen with retrofitting of existing buildings to allow for flexibility in the use of firms that are looking to reduce or move into smaller spaces.
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IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to talent pools in other sectors. Furthermore, the 1871 incubator has been ranked as the best incubators worldwide.
Chicago is one of the three most productive city in the US with a high concentration of food, metals and plastics production. Manufacturing companies profit from Chicago's central location which allows their products to be easily transported throughout the United States or around the world. In addition, innovation in the manufacturing industry is rapidly growing so Chicago provides numerous incubators, such as mHub.
Transportation and logistics are key economic drivers in the Chicago area, especially when companies shift away from traditional retailing and towards online sales. Chicago boasts a diverse shipping fleet, including container ports as well as air cargo hubs, airports, waterways inland and rail yards. There are also strong intermodal facilities that provide access to the whole US distribution chain.
Chicago remains well placed to remain an economic powerhouse due to the recent expansion of Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce through handling both containers and bulk goods.
Tourism in the Chicago region is also seeing growth and will increase to pre-pandemic levels later this summer as a result of several major 99 cents only press release (Form.Jotform.com) events like NASCAR races, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government reduces travel restrictions. However, consumers' confidence may suffer because the markets for housing are highly volatile and real estate professionals are able to assist buyers with these complexities and ensure that informed choices are being made by buyers.
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