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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real estate development projects. The office leasing market is recovering despite rising construction costs according to the BOMA/Chicago Study tenants place greater value on amenities and press release platforms (pressez.substack.com) location-making, thereby transferring them away from extravagant new construction to more co-operative space; this trend is also evident through retrofitting of existing buildings to facilitate 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 providers like WeWork and Regus in addition to the fact that IT firms benefit from Chicago's robust infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator has been ranked as one of the most prestigious incubators globally.
Chicago is one of the three most productive cities in the US and has a strong presence in food, metals and plastics production. Manufacturing companies benefit due to the city's central location, which allows their products to be easily transported across the nation or globe. Furthermore, innovation within this industry is rapidly increasing so Chicago offers numerous incubators like the mHub.
Transportation and logistics are key economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet that includes container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the whole US logistics chain.
Chicago is well placed to remain a leading economic engine due to the recent expansion to the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port serves as a crucial part of regional commerce, handling bulk and container merchandise.
Tourism in Chicago region is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer because of a number of major events including NASCAR race, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved circulation as more airlines begin service and the government decreases travel restrictions. However, consumers' confidence may suffer because the housing market is highly unpredictable; real estate professionals can assist buyers with these complexities and make sure informed decisions are being made by buyers.