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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real estate development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study tenants place greater importance on amenities and placemaking, leading them away from imposing new construction and towards more collaborative space; this trend can be observed through retrofitting of existing buildings to enable flexibility in the use of firms who are relocating or downsizing into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the growth of shared workspace providers like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's extensive infrastructure and proximity to other talent pools within different industries. In addition, press release vertex (mouse click the up coming website) the 1871 incubator has ranked amongst one of the premier incubators worldwide.

Chicago is one of the three most productive cities in the US, boasting concentrations in food production, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easy to transport across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing which is why Chicago provides numerous incubators, such as the mHub.

Logistics and transportation remain major economic drivers for the Chicago area, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago has a varied shipping fleet which includes 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 whole US logistics chain.

Chicago is well placed to remain an economic powerhouse with the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce by handling containers as well as bulk items.

Tourism in Chicago region is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of this summer because of a number of major events such as NASCAR races, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government decreases travel restrictions; however consumer confidence may suffer because the housing market is highly unpredictable and real estate professionals are able to assist buyers with these complexities and ensure that informed choices are made by prospective buyers.