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Chicago Industry Trends

As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study and tenants place greater value on amenities and location-making, thereby transferring them away from imposing new construction and towards more collaborative space; this trend is also evident through retrofitting of existing buildings to facilitate flexibility in the use of firms as they downsize or relocate into smaller spaces.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace companies such as WeWork and Regus and also due to the fact that IT companies benefit from chicago press review's extensive infrastructure and proximity to talent pools in other industries. In addition, the 1871 incubator has been recognized as one of the premier incubators in the world.

Chicago is one of the three top manufacturing cities in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing firms benefit from the centrality of Chicago, which allows them to easily move their goods throughout the United States or around the world. Additionally, the innovation in the manufacturing industry is rapidly growing so Chicago has numerous incubators such as mHub.

Logistics and transportation are the main economic drivers in the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet, including container ports as well as air cargo hubs, airports, waterways inland and rail yards, as well as extensive intermodal facilities that connect to the whole US logistics chain.

Chicago remains well placed to remain an economic powerhouse with the recent expansion of the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port provides another important part of regional trade by handling containers as well as bulk merchandise.

Tourism in Chicago region is also seeing growth and will return to pre-pandemic levels in the summer, due to a variety of major events including NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in circulation as more airlines begin service and the government relaxes travel restrictions. Nevertheless, consumer trust could be affected as the markets for housing are highly volatile and real estate professionals are able to help buyers navigate these nuances and make sure informed decisions are made by buyers.