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Chicago Industry Trends



As Chicago industries evolve, Chicago is welcoming an expanding variety of new business and real estate development projects. Office leasing activity is increasing even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater value on amenities and places to be, which is driving them away from extravagant new construction to more collaborative areas. This trend is also evident by retrofitting existing buildings to allow for companies to use them in a variety of ways 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 growth of shared workspace companies such as WeWork and Regus in addition to the fact that IT companies benefit from Chicago's extensive infrastructure and proximity to other talent pools in different industries. In addition, the 1871 incubator is rated as one of the premier incubators worldwide.




Chicago is one of the three most productive city in the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies profit from the centrality of Chicago, which makes their products easy to transport across the nation or globe. In addition, innovation in the manufacturing industry is rapidly growing and Chicago provides numerous incubators, such as mHub.




Logistics and transportation are the main economic drivers for the Chicago region, especially when companies shift away from traditional retailing and towards online sales. Chicago is home to a broad shipping fleet that includes container ports as well as air cargo hubs, airports, [[https://realitysandwich.com/_search/?search=inland%20waterways|inland waterways]] and rail yards. It also has strong intermodal facilities that provide access to the entire US distribution chain.



Chicago remains well positioned for a long-term economic success thanks to the recent expansion of the Chicago Mercantile Exchange - a international center for trading and processing of commodities - going into effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional commerce by handling containers as well as bulk goods.




Tourism in the Chicago region is also seeing expansion, and is expected to increase to pre-pandemic levels later this summer due to several major events including NASCAR races, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see [[https://de.bab.la/woerterbuch/englisch-deutsch/increased%20traffic|increased traffic]] as more airlines resume service and the government reduces travel restrictions; however consumer confidence could suffer due to the fact that the markets for housing are highly volatile Realtors can help buyers navigate these nuances and ensure informed decisions are being made by buyers.







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