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Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater value press release on table 8a of gstr-9 (start.me) amenities and spacemaking, causing them to move away from extravagant new construction and towards more collaborative areas. This trend is also apparent by retrofitting existing buildings to allow for flexibility for businesses that are looking to reduce or move to smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms profit from Chicago's strong infrastructure and its proximity to other talent pools within different industries. In addition, the 1871 incubator has been recognized as one of the premier incubators globally.
Chicago is one of the top three manufacturing cities across the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies profit from the centrality of Chicago, which allows them to easily move their goods across the globe or across the nation. In addition, innovation in this industry is rapidly increasing so Chicago provides numerous incubators, such as mHub.
Transportation and logistics are key economic drivers in the Chicago region, especially when businesses shift away from traditional retailing and towards online sales. Chicago has a varied shipping fleet that includes container ports and air cargo hubs. airports, inland waterways and rail yards. It also has extensive intermodal facilities that connect to the entire US distribution chain.
Chicago remains well placed for a long-term economic success due to the recent expansion that has seen the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers daily while its port provides another important part of regional trade by handling bulk and container goods.
Tourism in the Chicago region is also experiencing growth and will get back to pre-pandemic numbers this summer as a result of several major events like NASCAR race, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service, and the government eases travel restrictions. However, consumers' confidence could suffer as housing market is highly unpredictable; real estate professionals can help buyers navigate these nuances and ensure that well-informed decisions are being made by buyers.
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