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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 according to the BOMA/Chicago Study and tenants place greater importance on amenities and location-making, thereby transferring them away from lavish new construction to more collaborative areas. This trend can be observed with retrofitting of existing buildings to facilitate flexibility for businesses when they reduce their size or move into smaller space.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace companies such as WeWork and Regus in addition to the fact that IT firms profit from Chicago's strong infrastructure and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as the best incubators around the world.
Chicago is among the three most productive city in the US with a high concentration of food, metals and plastics production. Manufacturing companies profit due to the city's central location, which makes their products easily transportable across the country or around the world. In addition, innovation in this sector is rapidly progressing thus Chicago provides numerous incubators, such as mHub.
Logistics and transportation remain major economic drivers in Chicago area, particularly as companies transition away from traditional retailing towards online sales. Chicago has a varied shipping fleet including container ports, air cargo hubs, airports, inland waterways, and rail yards. It also has well-developed intermodal facilities which provide access to the whole US the supply chain.
Chicago remains well positioned for a long-term economic success with the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers each day. Its port is a key component of regional commerce by handling containers as well as bulk goods.
Tourism in Chicago area is also seeing growth and will increase to pre-pandemic levels later this summer as a result of several major events like NASCAR events, Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government relaxes travel restrictions. However, consumers' confidence could suffer as it is extremely unpredictable in the housing market and real estate professionals are able to assist buyers with these complexities and ensure that informed choices are being made by buyers.
