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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing is booming in spite of rising costs for construction as per the BOMA/Chicago Study and tenants place greater value on amenities and spacemaking, causing them to move away from imposing new construction to more co-operative spaces; this trend is also apparent through retrofitting of existing buildings to enable flexibility for businesses when they reduce their size or move to smaller areas.
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IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus, but also because IT firms take advantage of Chicago's extensive infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has ranked amongst the top incubators worldwide.
Chicago is among the three most productive cities of the US that has high concentrations of food production, plastics and metals. Manufacturing companies profit due to the city's central location, which allows their products to be easily transported across the nation or globe. Furthermore, technology in this sector is rapidly progressing and Chicago has numerous incubators such as mHub.
Transportation and logistics remain key economic drivers in Chicago area, especially as companies transition away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet including container ports, air cargo hubs, airports, inland waterways, and rail yards as well as well-developed intermodal facilities which provide access to the entire US the supply chain.
Chicago remains well placed to remain an economic powerhouse due to the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, press release Vs newsletter (start.me) while its port plays a vital role in the flow of regional trade by handling bulk and container items.
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Tourism in Chicago region is also experiencing an increase, and it is expected to increase to pre-pandemic levels later this summer as a result of several important events, including NASCAR races, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government relaxes travel restrictions. However, consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market Realtors can aid buyers to navigate these complexities and make sure informed decisions are made by prospective buyers.
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