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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increasing diversity of new business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater importance on amenities and location-making, thereby transferring them away from imposing new construction to more collaborative space; this trend is also evident with retrofitting of existing buildings to allow for flexibility in the use of firms who are relocating or downsizing into smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the growth of shared workspace operators like WeWork and Regus in addition to the fact that IT firms profit from Chicago's robust infrastructure and proximity to the talent pool in other sectors. Additionally, 1871 incubator has been ranked as one of the most prestigious incubators worldwide.

Chicago is among the top three manufacturing cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which allows them to easily move their goods across the globe or across the nation. Furthermore, technology in this sector is rapidly progressing which is why Chicago has numerous incubators such as mHub.

Transportation and logistics are key economic drivers for the Chicago area, particularly in the process of transitioning businesses away from traditional retail and move to online sales. bally's chicago press release (https://independent.academia.edu/Pressez) boasts a diverse shipping fleet that includes container ports, air cargo hubs, airports, inland waterways and rail yards. There are also extensive intermodal facilities that connect to the whole US logistics chain.

Chicago remains well placed to remain a leading economic engine thanks to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce by handling both containers and bulk products.

Tourism in Chicago area is also seeing an increase, and it is expected to increase to pre-pandemic levels later this summer because of a number of major events including NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer due to the fact that the housing market is highly unpredictable Real estate agents can aid buyers to navigate these complexities and ensure informed decisions are made by prospective buyers.