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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, as per the BOMA/press box chicago bar (pressez.substack.com) Study and tenants place greater value on amenities and location-making, thereby transferring them away from imposing new constructions to more collaborative areas. This trend is also apparent by retrofitting existing buildings to allow for flexibility for businesses that are looking to reduce or move 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 providers like WeWork and Regus as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to other talent pools within different industries. In addition, the 1871 incubator has been ranked as the best incubators around the world.
Chicago is among the three top manufacturing cities in the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which makes their products easy to transport throughout the United States or around the world. In addition, innovation in the industry is rapidly advancing so Chicago has many incubators like the mHub.
Logistics and transportation are the main economic drivers for the Chicago area, particularly when businesses shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet including container ports, air cargo hubs, airports, inland waterways and rail yards. There are also extensive intermodal facilities that connect to the entire US logistics chain.
Chicago is well-positioned to remain a leading economic engine with the recent expansion of the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers daily while its port serves as a crucial part of regional commerce by handling containers as well as bulk merchandise.
Tourism in Chicago region is also seeing growth and will return to pre-pandemic levels this summer as a result of several major events like NASCAR races, Lollapalooza celebration, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government reduces travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are made by prospective buyers.
