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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing is booming even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater importance on amenities and the placemaking, leading them away from imposing new construction and towards more collaborative space; this trend is also evident in retrofitting existing buildings to facilitate flexibility in the use of firms as they downsize or relocate into smaller space.
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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 take advantage of Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has been recognized as one of the premier incubators worldwide.
Chicago is one of the top three manufacturing cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable across the globe or across the nation. Furthermore, technology in the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.
Logistics and transportation are the main economic drivers in the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet, including container ports airports, air cargo hubs airports, inland waterways and rail yards. It also has well-developed intermodal facilities which provide access to the whole US distribution chain.
Chicago is well-positioned to remain an economic powerhouse due to the recent expansions to the Chicago Mercantile Exchange - a world-class trading center and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional commerce, handling containers and bulk products.
Tourism in Chicago area is also seeing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR races, Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service, and the government eases travel restrictions. Nevertheless, consumer trust could be affected as the prices for homes are extremely volatile Real estate agents can assist buyers with these complexities and ensure informed decisions are made by prospective buyers.
