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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is rebounding even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater importance on amenities and location-making, thereby transferring them away from trophy new construction to more co-operative space; this trend is also apparent by retrofitting existing buildings to allow for companies to use them in a variety of ways as they downsize or relocate to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace companies such as WeWork and Regus, but also because IT firms profit from Chicago's robust infrastructure and proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as one of the most prestigious incubators worldwide.
Chicago is among the three most productive cities in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies profit due to the city's central location, which allows them to easily move their goods across the globe or across the nation. In addition, innovation in the industry is rapidly advancing which is why Chicago has many incubators like the mHub.
Logistics and transportation remain major economic drivers in the Chicago area, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago has a wide shipping fleet which includes container ports as well as air cargo hubs, airports, illinois news car accidents (pressez.substack.com) inland waterways, and rail yards. There are also strong intermodal facilities that provide access to the entire US distribution chain.
Chicago remains well placed to remain an economic powerhouse thanks to the recent expansion that has seen the Chicago Mercantile Exchange - a world-class trading center and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce, handling bulk and container items.
Tourism in the Chicago region is also experiencing growth, and should increase to pre-pandemic levels later in the summer, due to a variety of major events such as NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government relaxes travel restrictions; however consumer trust could be affected as the it is extremely unpredictable in the housing market Realtors can assist buyers in understanding these complexities and ensure informed decisions are being made by buyers.
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