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Chicago Industry Trends
As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is increasing despite rising construction costs as per the BOMA/Chicago Study; tenants place greater importance on amenities and spacemaking, causing them to move away from lavish new construction to more collaborative areas. This trend is also evident by retrofitting existing buildings to enable flexible use by firms as they downsize or relocate into smaller spaces.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace operators like WeWork and Regus, but also because IT companies benefit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Additionally, 1871 incubator is rated as the best incubators in the world.
Chicago is among the three most productive cities across the US and has a strong presence in food and plastics, as well as metals. Manufacturing companies benefit from the centrality of Chicago, which makes their products easy to transport across the globe or across the nation. Furthermore, innovation within this industry is rapidly increasing thus Chicago offers numerous incubators like the mHub.
Transportation and logistics remain key economic drivers for the Chicago region, especially when companies shift away from traditional retail to online sales. Chicago is home to a broad shipping fleet that includes container ports, air cargo hubs, airports, waterways inland and rail yards. There are also robust intermodal facilities providing access to the entire US supply chain.
Chicago remains well placed to remain an economic powerhouse thanks to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing commodities – taking effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce by handling bulk and container goods.
Tourism in Chicago region is also seeing growth, and illinois energy news (pressez.substack.com) should be back to pre-pandemic levels by the end of in the summer, due to a variety of major events such as NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved flow of passengers as more airlines resume service and the government relaxes travel restrictions. However, consumers' trust could be affected as the prices for homes are extremely volatile; real estate professionals can aid buyers to navigate these complexities and make sure informed decisions are being made by buyers.
