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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is rebounding regardless of the rising cost university of illinois press location (pressez.substack.com) construction, as per the BOMA/Chicago Study Tenants place more importance on amenities and spacemaking, causing them to move away from trophy new construction to more collaborative spaces; this trend is also evident through retrofitting of existing buildings to enable flexibility for businesses when they reduce their size or move into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator has ranked amongst the top incubators globally.

Chicago is one of the three top manufacturing city in the US with a high concentration of food production, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows them to easily move their goods across the country or around the world. Furthermore, innovation within this sector is rapidly progressing so Chicago has numerous incubators such as mHub.

Logistics and transportation remain major economic drivers in Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago has a varied shipping fleet which includes container ports, air cargo hubs, airports, inland waterways, and rail yards. It also has strong intermodal facilities that provide access to the whole US logistics chain.

Chicago is well-positioned to remain a leading economic engine with the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce through handling both containers and bulk items.

Tourism in Chicago region is also seeing growth, and should increase to pre-pandemic levels later in the summer, due to a variety of major events including NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government reduces travel restrictions; however consumer confidence could suffer due to the fact that the markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are made by prospective buyers.