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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing regardless of the rising cost of construction, according to the BOMA/Chicago Study Tenants place more value on amenities and spacemaking, causing them to move away from trophy new constructions to more collaborative spaces. This trend can be observed with retrofitting of existing buildings to facilitate flexibility in the use of 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 operators like WeWork and earnings Release 8-k - www.speedrun.com - Regus, but also because IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors. Additionally, 1871 incubator has ranked amongst one of the most prestigious incubators worldwide.
Chicago is one of the three top manufacturing cities across the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies profit 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 this industry is rapidly increasing so Chicago has many incubators like the mHub.
Logistics and transportation are the main economic drivers in Chicago area, especially when companies shift away from traditional retailing and towards online sales. Chicago has a wide shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways, and rail yards as well as well-developed intermodal facilities which provide access to the whole US supply chain.
Chicago is well placed to continue to be a major economic force due to the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce, handling containers as well as bulk goods.
Tourism in Chicago area is also seeing growth and will return to pre-pandemic levels this summer as a result of several major events including NASCAR events, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government reduces travel restrictions. However, consumers' trust could be affected as the markets for housing are highly volatile and real estate professionals are able to help buyers navigate these nuances and ensure informed decisions are made by buyers.