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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 despite rising construction costs according to the BOMA/Chicago Study tenants place greater importance on amenities and the spacemaking, causing them to move away from imposing new construction to more co-operative spaces. This trend is also apparent by retrofitting existing buildings to allow for flexibility for businesses as they downsize or relocate into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace operators like WeWork and Regus, but also because IT firms profit from Chicago's

extensive infrastructure and proximity to other talent pools within different sectors; furthermore, 1871 incubator is rated as the top incubators in the world.

Chicago is among the top three manufacturing cities across the US that has high concentrations of food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which makes their products easy to transport across the country or around the world. Furthermore, technology in the industry is rapidly advancing thus Chicago offers numerous incubators like mHub.

Transportation and logistics remain key economic drivers for the Chicago area, illinois wesleyan news (mirror.xyz) especially as companies transition away from traditional retail and move to online sales. Chicago has a wide shipping fleet including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has well-developed intermodal facilities which provide access to the entire US supply chain.

Chicago is well placed to remain a leading economic engine due to the recent expansions of Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port plays a vital role in the flow of regional commerce, handling containers as well as bulk merchandise.

Tourism in the Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events like NASCAR races Lollapalooza Festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in flow of passengers as more airlines resume service, and the government eases travel restrictions. However, consumers' confidence could suffer due to the fact that the housing market is highly unpredictable and real estate professionals are able to aid buyers to navigate these complexities and ensure that well-informed decisions are made by prospective buyers.