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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real development projects. The office leasing market is recovering despite rising construction costs as per the BOMA/Chicago Study tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction to more co-operative spaces; this trend is also evident with retrofitting of existing buildings to facilitate companies to use them in a variety of ways who are relocating or downsizing to smaller areas.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus as well as the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has ranked amongst the top incubators around the world.
Chicago is among the top three manufacturing cities of the US with a high concentration of food, metals and plastics production. Manufacturing companies profit from Chicago's central location that allows their products to be easily transported across the country or around the world. Furthermore, technology in the manufacturing industry is rapidly growing thus Chicago offers numerous incubators like the mHub.
Logistics and transportation are the main economic drivers for the Chicago region, especially when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways and rail yards. It also has strong intermodal facilities that provide access to the whole US supply chain.
Chicago is well placed to remain a leading economic engine thanks to the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional trade by handling containers as well as bulk merchandise.
Tourism in the Chicago region is also experiencing growth, and should increase to pre-pandemic levels later in the summer, due to a variety of major events including NASCAR race, Lollapalooza celebration, Democratic National Convention and Governor Illinois Press Releases - Form.Jotform.Com, the International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government relaxes travel restrictions. However, consumers' confidence could suffer due to the fact that the markets for housing are highly volatile Real estate agents can aid buyers to navigate these complexities and ensure informed decisions are being taken by buyers.
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