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Chicago Industry Trends
As Chicago shifts in its industry, boeing press release 737 max (https://pressez.substack.com/about) Chicago is welcoming an increase in the variety of business and real estate development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study tenants place greater importance on amenities and placemaking, leading them away from imposing new construction and towards more collaborative areas. This trend can be observed in retrofitting existing buildings to allow for companies to use them in a variety of ways that are looking to reduce or move into smaller spaces.
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, but also because IT firms take advantage of Chicago's extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has ranked amongst one of the most prestigious incubators worldwide.
Chicago is one of the top three manufacturing cities in the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit due to the city's central location, which allows their products to be easily transported across the globe or across the nation. Furthermore, technology in this industry is rapidly increasing so Chicago offers numerous incubators like the mHub.
Logistics and transportation are the main economic drivers in Chicago area, especially when businesses shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. It also has extensive intermodal facilities that connect to the whole US logistics chain.
Chicago remains well positioned to continue to be a major economic force with the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce through handling both containers and bulk merchandise.
Tourism in the Chicago region is also experiencing expansion, and is expected to be back to pre-pandemic levels by the end of this summer as a result of several major events like NASCAR race, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government decreases travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable; real estate professionals can aid buyers to navigate these complexities and ensure that informed choices are made by buyers.
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