Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study tenants place greater importance on amenities and places to be, which is driving them away from trophy new construction and towards more collaborative spaces; this trend is also evident with retrofitting of existing buildings to enable companies to use them in a variety of ways who are relocating or downsizing to smaller areas.
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IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus as well as the fact that IT firms take advantage of Chicago's extensive infrastructure and proximity to the talent pool in other sectors; furthermore, 1871 incubator has been ranked as the top incubators globally.
Chicago is one of the three top manufacturing cities across the US that has high concentrations of food production, plastics and metals. Manufacturing companies profit from Chicago's central location which allows their products to be easily transported throughout the United States or around the world. In addition, innovation in the manufacturing industry is rapidly growing which is why Chicago has numerous incubators such as mHub.
Transportation and logistics remain key economic drivers in the Chicago area, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago boasts a diverse shipping fleet including container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the whole US the supply chain.
Chicago remains well placed to remain an economic powerhouse with the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port is a key component of regional commerce by handling both containers and bulk products.
Tourism in the Chicago area is also seeing expansion, and is expected to return to pre-pandemic levels in the summer, due to a variety of major events like NASCAR race, Lollapalooza celebration, Democratic National Convention and associated press illinois football rankings https://form.jotform.com/230100573203033] International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government decreases travel restrictions. However, consumers' trust could be affected as the it is extremely unpredictable in the housing market Real estate agents can help buyers navigate these nuances and make sure informed decisions are being taken by buyers.
