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Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. The office leasing market is recovering in spite of rising costs for construction as per the BOMA/Chicago Study Tenants place more importance on amenities and the spacemaking, causing them to move away from lavish new construction to more collaborative spaces; this trend can be observed in retrofitting existing buildings to enable flexibility in the use of firms as they downsize or relocate to smaller areas.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors. Additionally, Illinois Wrestling news 1871 incubator is rated as one of the most prestigious 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 benefit from Chicago's central location that makes their products easy to transport across the country or around the world. Additionally, the innovation in the industry is rapidly advancing so Chicago has numerous incubators such as the mHub.
Logistics and transportation are the main economic drivers in the 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 which includes container ports, air cargo hubs, airports, inland waterways and rail yards, as well as strong intermodal facilities that provide access to the whole US distribution chain.
Chicago is well-positioned to continue to be a major economic force with the recent expansion of Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional trade by handling both containers and bulk products.
Tourism in the Chicago region is also experiencing expansion, and is expected to get back to pre-pandemic numbers this summer due to several major events like NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile Realtors can help buyers navigate these nuances and ensure that well-informed decisions are made by buyers.
uillinois.edu