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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater value on amenities and places to be, which is driving them away from lavish new constructions to more collaborative spaces. This trend can also be seen with retrofitting of existing buildings to allow for flexibility in the use of firms that are looking to reduce or move to smaller areas.
IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the proliferation of shared workspace operators like WeWork and Regus in addition to the fact that IT firms take advantage of Chicago's robust infrastructure and proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as the top incubators worldwide.
Chicago is one of the three most productive cities in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies profit from Chicago's central location that makes their products easily transportable across the country or around the world. Furthermore, innovation within this sector is rapidly progressing thus Chicago has numerous incubators such as the mHub.
Logistics and transportation are the main economic drivers in Chicago area, particularly as companies transition away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways, and rail yards, as well as strong intermodal facilities that provide access to the whole US supply chain.
Chicago remains well placed to remain an economic powerhouse thanks to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port plays a vital role in the flow of regional commerce through handling containers and bulk goods.
Tourism in the Chicago area is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer as a result of several major events such as NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service, and the government eases travel restrictions; however consumer confidence could suffer due to the fact that the markets for illinois dcfs press release (https://www.speedrun.com/user/Pressez) housing are highly volatile; real estate professionals can assist buyers in understanding these complexities and make sure informed decisions are made by prospective buyers.
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