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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from extravagant new constructions to more collaborative spaces; this trend is also evident through retrofitting of existing buildings to allow for 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 rise of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has ranked amongst one of the most prestigious incubators worldwide.
Chicago is one of the top three manufacturing cities of the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location that allows them to easily move their goods across the country or around the world. Additionally, the innovation in this industry is rapidly increasing and Chicago has many incubators like the mHub.
Logistics and transportation remain major economic drivers for the Chicago area, especially in the process state of illinois press releases, hashnode.com, transitioning businesses away from traditional retail to online sales. Chicago has a varied shipping fleet which includes container ports airports, air cargo hubs airports, waterways inland and rail yards. It also has robust intermodal facilities providing access to the whole US supply chain.
Chicago is well-positioned for a long-term economic success due to 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 travelers every day. The port serves as a crucial part of regional trade by handling both containers and bulk items.
Tourism in the Chicago area is also seeing growth and will be back to pre-pandemic levels by the end of this summer as a result of several major events such as NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence may suffer because the markets for housing are highly volatile; real estate professionals can assist buyers with these complexities and make sure informed decisions are made by buyers.
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