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Chicago Industry Trends

As Chicago changes in the industry, Chicago is welcoming an increase in the variety of business and real development projects. Office leasing activity is rebounding despite rising construction costs according to the BOMA/Chicago Study tenants place greater value on amenities and placemaking, leading them away from imposing new construction and towards more collaborative areas. This trend is also apparent with retrofitting of existing buildings, allowing for more flexible use by firms when they reduce their size or move to smaller spaces.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago due to the proliferation of shared workspace companies like WeWork and Regus and also due to the fact that IT firms benefit from Chicago's extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as one of the premier incubators worldwide.

Chicago is among the three top manufacturing cities across the US and has a strong presence 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 has many incubators like the mHub.

Logistics and transportation remain major economic drivers in the Chicago region, especially as companies transition away from traditional retail to online sales. Chicago boasts a diverse shipping fleet which includes container ports airports, air cargo hubs airports, inland waterways and rail yards. There are also strong intermodal facilities that provide access to the entire US the supply chain.

Chicago remains well placed to continue to be a major economic force with the recent expansion to the Chicago Mercantile Exchange - a global center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port provides another important part of regional trade by handling containers and bulk items.

Tourism in the Chicago region is also seeing growth, and should get back to pre-pandemic numbers this summer as a result of several major events such as NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the markets for housing are highly volatile Realtors can assist buyers with these complexities and ensure that informed choices are being made by buyers.