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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing is booming even as construction costs are rising as per the BOMA/Chicago Study tenants place greater value on amenities and places to be, which is driving them away from imposing new construction and towards more collaborative areas. This trend is also evident by retrofitting existing buildings to enable flexibility for businesses who are relocating or downsizing to smaller spaces.
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, but also because IT firms profit from Chicago's robust infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator has ranked amongst one of the premier incubators around the world.
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Chicago is among the three top manufacturing cities of the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies benefit from Chicago's central location that allows them to easily move their goods across the country or around the world. Furthermore, technology in this sector is rapidly progressing so Chicago has many incubators like the mHub.
Logistics and transportation remain major economic drivers in Chicago area, especially when companies shift away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet, including container ports and air cargo hubs. airports, waterways inland and rail yards. It also has robust intermodal facilities providing access to the whole US distribution chain.
Chicago remains well positioned to continue to be a major economic force due to the recent expansion of the Chicago Mercantile Exchange - a world-class trading center and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional commerce, handling containers as well as bulk items.
Tourism in Chicago region is also experiencing growth, and should return to pre-pandemic levels in the summer, due to a variety of major events including NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government decreases travel restrictions; however consumer confidence could suffer as markets for housing are highly volatile Real estate agents can assist buyers with these complexities and press release ideas, https://www.diigo.com/profile/pressez, ensure that informed choices are being taken by buyers.