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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is increasing despite rising construction costs as per the BOMA/Chicago Study Tenants place more value on amenities and placemaking, leading them away from trophy new construction and towards more collaborative spaces. This trend can be observed through retrofitting of existing buildings to enable flexibility in the use of firms who are relocating or downsizing into smaller spaces.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace companies like WeWork and Regus as well as the fact that IT companies benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors. Additionally, 1871 incubator has ranked amongst the best incubators worldwide.
Chicago is among the three top manufacturing cities of the US and has a strong presence in food manufacturing, plastics and illinois bench press contest - www.speedrun.com - metals. Manufacturing firms benefit from the centrality of Chicago, which allows them to easily move their goods throughout the United States or around the world. In addition, innovation in the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.
Logistics and transportation are the main economic drivers for the Chicago area, particularly when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet which includes container ports and air cargo hubs. airports, inland waterways and rail yards, as well as strong intermodal facilities that provide access to the whole US distribution chain.
Chicago is well placed to remain a leading economic engine with the recent expansion that has seen the Chicago Mercantile Exchange - a global hub for trading 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 trade by handling bulk and container products.
Tourism in Chicago region is also experiencing expansion, and is expected to increase to pre-pandemic levels later this summer as a result of several major events including NASCAR events, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government decreases travel restrictions; however consumer trust could be affected as the housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and ensure that informed choices are being taken by buyers.
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