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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. The office leasing market is recovering regardless of the rising cost press release university of kerala (pressez.substack.com) construction, as per the BOMA/Chicago Study and tenants place greater value on amenities and placemaking, leading them away from lavish new construction and towards more collaborative space; this trend can also be seen with retrofitting of existing buildings to allow for companies to use them in a variety of ways when they reduce their size or move into smaller spaces.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms benefit from Chicago's extensive infrastructure and proximity to the talent pool in other sectors; furthermore, 1871 incubator has ranked amongst the best incubators around the world.
Chicago is among the three top manufacturing city in the US and has a strong presence in food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which allows their products to be easily transported across the nation or globe. Furthermore, technology in the manufacturing industry is rapidly growing thus Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in the Chicago region, especially when businesses shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards, as well as well-developed intermodal facilities which provide access to the entire US logistics chain.
Chicago is well-positioned to continue to be a major economic force with the recent expansion to the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce, handling both containers and bulk items.
Tourism in Chicago area is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of this summer as a result of several major events like NASCAR race, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government decreases travel restrictions; however consumer trust could be affected as the markets for housing are highly volatile; real estate professionals can assist buyers in understanding these complexities and ensure that informed choices are made by prospective buyers.
