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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and places to be, which is driving them away from trophy new construction to more collaborative space; this trend is also apparent with retrofitting of existing buildings to enable flexibility in the use of firms that are looking to reduce 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 companies such as WeWork and Regus and also due to the fact that IT companies benefit from Chicago's strong infrastructure and its proximity to other talent pools in different sectors. Furthermore, the 1871 incubator has been ranked as the best incubators worldwide.
7 news chicago live (independent.academia.edu) is among the three most productive cities across the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit due to the city's central location, which allows them to easily move their goods across the nation or globe. In addition, innovation in the manufacturing industry is rapidly growing which is why Chicago offers numerous incubators like the mHub.
Logistics and transportation are the main economic drivers for the Chicago area, especially as companies transition away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet including container ports, air cargo hubs, airports, inland waterways and rail yards, as well as robust intermodal facilities providing access to the entire US logistics chain.
Chicago remains well positioned to continue to be a major economic force due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce through handling containers and bulk merchandise.
Tourism in the Chicago area is also seeing growth, and should increase to pre-pandemic levels later this summer as a result of several major events including NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government relaxes travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market Real estate agents can aid buyers to navigate these complexities and make sure informed decisions are made by buyers.