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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an expanding variety of new business and press release ofac (form.jotform.com) real development projects. Office leasing activity is rebounding even as construction costs are rising as per the BOMA/Chicago Study tenants place greater importance on amenities and the location-making, thereby transferring them away from trophy new constructions to more collaborative spaces. This trend can also be seen by retrofitting existing buildings, allowing for more flexibility for businesses when they reduce their size or move to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace providers like WeWork and Regus, but also because IT companies benefit from Chicago's robust infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator has been ranked as the best incubators globally.
Chicago is among the three most productive cities across the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing firms benefit from Chicago's central location that allows their products to be easily transported across the nation or globe. Furthermore, technology in this industry is rapidly increasing and Chicago has many incubators like mHub.
Logistics and transportation are the main economic drivers for the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, waterways inland and rail yards. There are also well-developed intermodal facilities which provide access to the entire US distribution chain.
Chicago remains well positioned to remain an economic powerhouse thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce by handling bulk and container items.
Tourism in Chicago region is also experiencing growth and will get back to pre-pandemic numbers in the summer, due to a variety of major events such as NASCAR race, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile; real estate professionals can assist buyers in understanding these complexities and ensure informed decisions are made by prospective buyers.