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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 rebounding in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater value on amenities and placemaking, leading them away from imposing new construction to more collaborative space; this trend can be observed with retrofitting of existing buildings to facilitate flexibility in the use of firms when they reduce their size or move to smaller areas.

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

Chicago is one of the three most productive city in the US and has a strong presence in food, metals and plastics production. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable throughout the United States or around the world. In addition, innovation in this sector is rapidly progressing thus Chicago has numerous incubators such as the mHub.

Transportation and logistics are key economic drivers in Chicago region, especially when businesses shift away from traditional retailing towards online sales. Chicago has a wide shipping fleet, including container ports airports, air cargo hubs airports, inland waterways, and rail yards, as well as extensive intermodal facilities that connect to the whole US the supply chain.

Chicago is well placed to continue to be a major economic force due to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and illinois.gov press (Www.diigo.com) processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional trade by handling bulk and container items.

Tourism in the Chicago area is also seeing growth, and should increase to pre-pandemic levels later this summer due to several major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in flow of passengers as more airlines resume service and the government decreases travel restrictions. However, consumer confidence could suffer due to the fact that the prices for homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and ensure that informed choices are being made by buyers.