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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is rebounding in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more value on amenities and spacemaking, causing them to move away from trophy new constructions to more collaborative space; this trend can also be seen with retrofitting of existing buildings to enable flexible use by firms as they downsize or relocate into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus, but also because IT firms take advantage of Chicago's robust infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator is rated as one of the most prestigious incubators in the world.
Chicago is one of the three top manufacturing cities in the US that has high concentrations of food and plastics, as well as metals. Manufacturing companies profit from Chicago's central location that makes their products easily transportable across the information like tcs press release - form.jotform.com - globe or across the nation. Furthermore, innovation within this industry is rapidly increasing and Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers for the Chicago region, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago boasts a diverse shipping fleet which includes container ports, air cargo hubs, airports, waterways inland and rail yards, as well as robust intermodal facilities providing access to the whole US logistics chain.
Chicago is well-positioned to remain a leading economic engine due to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port plays a vital role in the flow of regional commerce through handling containers as well as bulk products.
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Tourism in Chicago region is also experiencing growth and will increase to pre-pandemic levels later in the summer, due to a variety of major events including NASCAR events, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the markets for housing are highly volatile; real estate professionals can assist buyers in understanding these complexities and ensure informed decisions are being taken by buyers.
