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Chicago Industry Trends



As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is increasing despite rising construction costs as per the BOMA/Chicago Study tenants place greater importance on amenities and the places to be, which is driving them away from extravagant new construction to more collaborative space; this trend can be observed in retrofitting existing buildings, allowing for more companies to use them in a variety of ways as they downsize or relocate into smaller spaces.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms benefit from Chicago's extensive infrastructure and proximity to talent pools in other sectors; furthermore, 1871 incubator has ranked amongst the top incubators worldwide.




Chicago is among the three most productive city in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing companies benefit from the centrality of Chicago, which allows them to easily move their goods across the globe or across the nation. In addition, innovation in the industry is rapidly advancing so Chicago provides numerous incubators, such as the mHub.




Transportation and logistics remain key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has extensive intermodal facilities that connect to the entire US supply chain.




Chicago remains well placed to remain an economic powerhouse due to the recent expansion of Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce through handling containers and bulk items.

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Tourism in Chicago region is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer because of a number of important events, including NASCAR race, 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 the government decreases travel restrictions; however consumer confidence may suffer because the it is extremely unpredictable in the housing market Realtors can aid buyers to navigate these complexities and ensure informed decisions are made by buyers.