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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 even as construction costs are rising according to the BOMA/Chicago Study Tenants place more importance on amenities and the placemaking, leading them away from imposing new construction to more co-operative spaces; this trend is also apparent by retrofitting existing buildings to facilitate flexibility in the use of firms that are looking to reduce or move into smaller space.

IT (Information Technology) has quickly become one of the fastest growing industries in Chicago due to the rise of shared workspace providers like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors. Additionally, 1871 incubator has ranked amongst the best incubators globally.

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Chicago is among the three top manufacturing cities in the US and has a strong presence in food manufacturing, plastics and fda press release - https://form.jotform.com/230100573203033, metals. Manufacturing firms benefit from Chicago's central location which allows them to easily move their goods across the country or around the world. Furthermore, innovation within this sector is rapidly progressing so Chicago offers numerous incubators like the mHub.

Transportation and logistics are key economic drivers in the Chicago area, especially when companies shift away from traditional retail to online sales. Chicago has a varied shipping fleet which includes container ports as well as air cargo hubs, airports, inland waterways, and rail yards as well as extensive intermodal facilities that connect to the entire US supply chain.

Chicago is well placed to remain a leading economic engine due to the recent expansion of the Chicago Mercantile Exchange - a global center for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers each day. Its port provides another important part of regional commerce by handling containers and bulk goods.

Tourism in the Chicago region is also seeing growth, and should increase to pre-pandemic levels later in the summer, due to a variety of important events, including NASCAR races Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased circulation as more airlines begin service and the government decreases travel restrictions. Nevertheless, consumer trust could be affected as the housing market is highly unpredictable Realtors can aid buyers to navigate these complexities and ensure that well-informed decisions are being made by buyers.

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