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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is rebounding despite rising construction costs according to the BOMA/Chicago Study Tenants place more value on amenities and places to be, which is driving them away from extravagant new construction to more collaborative areas. This trend is also evident with retrofitting of existing buildings to enable flexibility for businesses when they reduce their size or move into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace providers like WeWork and Regus as well as the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to talent pools in other sectors; furthermore, 1871 incubator has been recognized as the top incubators worldwide.
Chicago is one of the three most productive cities of the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from the centrality of Chicago, which makes their products easy to transport throughout the United States or around the world. In addition, innovation in this sector is rapidly progressing and Chicago has numerous incubators such as mHub.
Logistics and transportation are the main economic drivers for the Chicago area, particularly in the process of transitioning businesses away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet that includes container ports, air cargo hubs, airports, xylem press release, pressez.blog.fc2.com, waterways inland and rail yards as well as robust intermodal facilities providing access to the entire US distribution chain.
Chicago remains well placed to continue to be a major economic force with the recent expansion of Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional trade by handling containers and bulk items.
Tourism in the Chicago area is also seeing growth, and should get back to pre-pandemic numbers in the summer, due to a variety of important events, including NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service and the government decreases travel restrictions; however consumer confidence may suffer because the markets for housing are highly volatile Realtors can assist buyers in understanding these complexities and ensure informed decisions are made by prospective buyers.
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