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Chicago Industry Trends

As Chicago industry trends change, Chicago is welcoming an growing variety of business and real development projects. Office leasing is booming despite rising construction costs as per the BOMA/Chicago Study tenants place greater value on amenities and location-making, thereby transferring them away from extravagant new construction to more collaborative spaces; this trend can be observed through retrofitting of 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 operators like WeWork and Regus as well as the fact that IT firms profit from Chicago's infrastructure that is strong and its proximity to other talent pools within different sectors. Furthermore, the 1871 incubator has been ranked as the best incubators worldwide.

Chicago is one of the three top manufacturing cities in the US and has a strong presence in food manufacturing, plastics and metals. Manufacturing firms benefit from the centrality of Chicago, which makes their products easily transportable across the country or around the world. Furthermore, innovation within this industry is rapidly increasing and Chicago has numerous incubators such as mHub.

Logistics and transportation remain major economic drivers in the Chicago region, especially when companies shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet including container ports and air cargo hubs. airports, inland waterways and rail yards as well as robust intermodal facilities providing access to the whole US supply chain.

Chicago remains well positioned to remain an economic powerhouse due to the recent expansions that has seen the Chicago Mercantile Exchange - a international center 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, handling both containers and bulk goods.

Tourism in Chicago area is also seeing growth, and should return to pre-pandemic levels in the summer, due to a variety of major events such as NASCAR races, 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 decreases travel restrictions; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile Realtors can help buyers navigate these nuances and ensure informed decisions are made by buyers.