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Chicago Industry Trends



As Chicago changes in the industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. The office leasing market is recovering even as construction costs are rising according to the BOMA/Chicago Study tenants place greater importance on amenities and the places to be, which is driving them away from extravagant new construction to more co-operative areas. This trend can be observed by retrofitting existing buildings to enable flexibility for businesses as they downsize or relocate to smaller areas.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace providers like WeWork and Regus in addition to the fact that IT firms profit from Chicago's extensive infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator has ranked amongst the top incubators in the world.




Chicago is among the three top manufacturing cities in the US with a high concentration of food and plastics, as well as metals. Manufacturing firms benefit from the centrality of Chicago, which allows them to easily move their goods across the nation or globe. Furthermore, [[https://www.reference.com/world-view/describes-technology-ffb4a04fe25bbcbf?ad=dirN&qo=paaIndex&o=740005&origq=technology|technology]] in this sector is rapidly progressing thus Chicago has numerous incubators such as mHub.

[[//www.youtube.com/embed/IluudUhr1DA|external site]]


Transportation and logistics remain key economic drivers for the Chicago region, especially when companies shift away from traditional retailing and towards online sales. Chicago has a wide shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the entire US distribution chain.




Chicago remains well placed to remain an economic powerhouse with the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading 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 as well as bulk products.




Tourism in the 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 including NASCAR events, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government reduces travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile and real estate professionals are able to help buyers navigate these nuances and ensure informed decisions are made by buyers.
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