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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and the places to be, which is driving them away from imposing new construction and towards more collaborative spaces. This trend is also evident in retrofitting existing buildings to enable flexible use by firms as they downsize or relocate to smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the proliferation of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Additionally, 1871 incubator has been ranked as the top incubators around the world.

Chicago is one of the three top manufacturing cities across the US, boasting concentrations in food manufacturing, 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, innovation within the industry is rapidly advancing thus Chicago provides numerous incubators, such as the mHub.

Transportation and logistics remain key economic drivers in the Chicago area, particularly as companies transition away from traditional retail and move to online sales. Chicago has a wide shipping fleet which includes container ports and 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 remains well positioned for a long-term economic success with the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port plays a vital role in the flow of regional commerce through handling containers as well as bulk products.

Tourism in Chicago area is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR race, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer trust could be affected as the housing market is highly unpredictable and real estate professionals are able to aid buyers to navigate these complexities and ensure that informed choices are being taken by buyers.