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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study; tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction to more collaborative areas. This trend is also apparent through retrofitting of existing buildings to enable companies to use them in a variety of ways who are relocating or downsizing into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the rise of shared workspace companies such as WeWork and Regus as well as the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors; furthermore, 1871 incubator has ranked amongst one of the premier incubators globally.
Chicago is among the three top manufacturing cities in the US that has high concentrations of food production, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easily transportable across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing thus Chicago has many incubators like mHub.
Transportation and logistics are key economic drivers in Chicago area, especially when businesses shift away from traditional retail and move to online sales. Chicago has a wide shipping fleet that includes container ports, air cargo hubs, airports, inland waterways, and rail yards as well as extensive intermodal facilities that connect to the entire US supply chain.
Chicago is well-positioned for a long-term economic success thanks to the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce by handling both containers and bulk merchandise.
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 major events including NASCAR events, Lollapalooza Festival, Democratic National Convention and press release vs article (hashnode.com) International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government decreases travel restrictions; however consumer confidence may suffer because the prices for homes are extremely volatile Realtors can aid buyers to navigate these complexities and make sure informed decisions are made by buyers.
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