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Chicago Industry Trends

As Chicago industries evolve, 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 value on amenities and spacemaking, causing them to move away from lavish new construction to more co-operative areas. This trend is also apparent with retrofitting of existing buildings to enable companies to use them in a variety of ways when they reduce their size or move to smaller areas.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace companies such as WeWork and Regus and also due to the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has been recognized as the top incubators around the world.

Chicago is among the three most productive cities across the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit from Chicago's central location that allows them to easily move their goods throughout the United States or around the world. In addition, innovation in the industry is rapidly advancing thus Chicago has many incubators like the mHub.

Logistics and transportation remain major economic drivers for the Chicago area, particularly when businesses shift away from traditional retail to online sales. Chicago has a varied shipping fleet which includes container ports, air cargo hubs, airports, waterways inland and rail yards as well as robust intermodal facilities providing access to the whole US the supply chain.

Chicago is well-positioned to remain an economic powerhouse with the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional commerce through handling containers as well as bulk goods.

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 festival, Democratic National illinois press association convention (start.me) and the International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government reduces travel restrictions. Nevertheless, consumer confidence could suffer as markets for housing are highly volatile Real estate agents can aid buyers to navigate these complexities and ensure informed decisions are being made by buyers.