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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and placemaking, leading them away from trophy new construction to more collaborative areas. This trend is also evident through 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 industries in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus as well as the fact that IT firms benefit from Chicago's infrastructure that is strong and its proximity to talent pools in other sectors. Additionally, 1871 incubator has been recognized as one of the most prestigious incubators around the world.
Chicago is among the three top manufacturing cities across the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from the centrality of Chicago, which allows their products to be easily transported across the country or around the world. Furthermore, innovation within this industry is rapidly increasing and Chicago has many incubators like the mHub.
Logistics and transportation are the main economic drivers in the Chicago region, especially as companies transition away from traditional retailing and towards online sales. Chicago has a wide shipping fleet including container ports as well as air cargo hubs, airports, inland waterways and rail yards. There are also well-developed intermodal facilities which provide access to the entire US logistics chain.
Chicago remains well placed to remain a leading economic engine due to the recent expansions to the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak travelers every day. The port is a key component of regional commerce, handling containers as well as bulk products.
Tourism in the Chicago area is also seeing expansion, and is expected to be back to pre-pandemic levels by the end of this summer due to several major events including NASCAR events, Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service, and production press jacksonville illinois - form.jotform.com, the government eases travel restrictions. Nevertheless, consumer confidence may suffer because the housing market is highly unpredictable; real estate professionals can aid buyers to navigate these complexities and ensure that well-informed decisions are made by prospective buyers.
