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Chicago Industry Trends

As Chicago industries evolve, Chicago is welcoming an increase in the variety of business and real development projects. The office leasing market is recovering even as construction costs are rising according to the BOMA/Chicago Study; tenants place greater value on amenities and spacemaking, presser v illinois (pressez.substack.com) causing them to move away from trophy new construction to more co-operative space; this trend can be observed in retrofitting existing buildings to facilitate flexibility for businesses when they reduce their size or move into smaller space.

IT (Information Technology) has quickly become one of the fastest-growing industries in Chicago because of the proliferation of shared workspace companies such as WeWork and Regus, but also because IT firms take advantage of Chicago's infrastructure that is strong and its proximity to the talent pool in other sectors; furthermore, 1871 incubator is rated as the top incubators around the world.

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Chicago is among the three most productive city in the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location which allows them to easily move their goods across the nation or globe. Furthermore, technology in the manufacturing industry is rapidly growing which is why Chicago has numerous incubators such as the mHub.

Transportation and logistics remain key economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago boasts a diverse shipping fleet which includes container ports airports, air cargo hubs airports, waterways inland and rail yards. It also has well-developed intermodal facilities which provide access to the whole US distribution chain.

Chicago is well placed to continue to be a major economic force thanks to 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 travelers every day. The port provides another important part of regional trade by handling containers and bulk products.

Tourism in Chicago region is also seeing expansion, and is expected to get back to pre-pandemic numbers this summer as a result of several important events, including NASCAR race, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport should see improved travel as more airlines resume service and the government relaxes travel restrictions; however consumer confidence could suffer due to the fact that the it is extremely unpredictable in the housing market; real estate professionals can assist buyers with these complexities and ensure that well-informed decisions are made by prospective buyers.

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