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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is rebounding despite rising construction costs according to the BOMA/Chicago Study Tenants place more importance on amenities and location-making, thereby transferring them away from extravagant new constructions to more collaborative space; this trend is also evident by retrofitting existing buildings to allow for flexibility for businesses that are looking to reduce or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace operators like WeWork and Regus and also due to the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has been ranked as the top incubators in the world.

Chicago is among the top three manufacturing cities in the US and has a strong presence in food production, plastics and metals. Manufacturing companies benefit due to the city's central location, which allows them to easily move their goods across the nation or globe. Furthermore, innovation within this sector is rapidly progressing and Chicago has many incubators like the mHub.

Logistics and transportation are the main economic drivers for the Chicago area, particularly when companies shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports airports, air cargo hubs airports, waterways inland and rail yards. There are also well-developed intermodal facilities which provide access to the entire US distribution chain.

Chicago is well-positioned for a long-term economic success due to the recent expansion that has seen the Chicago Mercantile Exchange - a global 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 by handling bulk and container goods.

Tourism in Chicago region is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR races Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in travel as more airlines resume service and the government decreases travel restrictions. However, consumer confidence could suffer as markets for housing are highly volatile; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are being taken by buyers.