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Blog entry by Claudia Milligan

Once you Ask People About Press Release This is What They Reply

Once you Ask People About Press Release This is What They Reply

Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an increase in the variety of business and real estate development projects. Office leasing activity is rebounding despite rising construction costs as per the BOMA/Chicago Study and tenants place greater importance on amenities and location-making, thereby transferring them away from extravagant new constructions to more collaborative space; this trend is also apparent by retrofitting existing buildings to allow for flexible use by 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 growth of shared workspace companies like WeWork and Regus, but also because IT firms take advantage of Chicago's strong infrastructure and its proximity to the talent pool in other sectors. Additionally, 1871 incubator X-press riverside (https://www.speedrun.com/) has been recognized as the best incubators worldwide.

Chicago is one of the three top manufacturing cities across the US, boasting concentrations in food production, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable across the nation or globe. Additionally, the innovation in the manufacturing industry is rapidly growing thus Chicago provides numerous incubators, such as mHub.

Logistics and transportation are the main economic drivers in the Chicago area, particularly when businesses shift 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 as well as robust intermodal facilities providing access to the entire US logistics chain.

Chicago is well placed to continue to be a major economic force due to the recent expansions of the Chicago Mercantile Exchange - a global center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional trade by handling containers and bulk items.

Tourism in Chicago area is also seeing an increase, and it is expected to be back to pre-pandemic levels by the end of this summer as a result of several major events including 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 reduces travel restrictions. Nevertheless, consumer confidence could suffer due to the fact that the housing market is highly unpredictable and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are being taken by buyers.

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