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Blog entry by Effie De Gruchy

Where To start out With Press Release?

Where To start out With Press Release?

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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater value on amenities and location-making, thereby transferring them away from extravagant new construction to more collaborative space; this trend can also be seen in retrofitting existing buildings to enable companies to use them in a variety of ways who are relocating or downsizing to smaller areas.

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IT (Information Technology) has quickly become one of the fastest growing industries in Chicago because of the proliferation of shared workspace companies like WeWork and Regus as well as the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different sectors; furthermore, 1871 incubator is rated as one of the premier incubators globally.

Chicago is among the three most productive city in the US, boasting concentrations in food, metals and plastics production. Manufacturing companies benefit from the centrality of Chicago, which makes their products easily transportable across the nation or globe. In addition, innovation in this industry is rapidly increasing which is why Chicago has many incubators like the mHub.

Transportation and logistics are key economic drivers in Chicago region, especially as companies transition away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet including container ports airports, air cargo hubs airports, inland waterways and rail yards. It also has well-developed intermodal facilities which provide access to the whole US distribution chain.

Chicago remains well placed to remain an economic powerhouse due to the recent expansions of the Chicago Mercantile Exchange - a international center for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak passengers daily while its port is a key component of regional commerce, handling both containers and bulk goods.

Tourism in Chicago area is also seeing growth, and should get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR races Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport should see improved traffic as more airlines resume service, and the government eases travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are being taken by buyers.

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