Chicago Industry Trends
As Chicago industry trends change, Chicago is welcoming an increasing diversity of new business and real development projects. Office leasing activity is increasing in spite of rising costs for construction according to the BOMA/Chicago Study and tenants place greater importance on amenities and the location-making, thereby transferring them away from extravagant new construction to more co-operative space; this trend can also be seen by retrofitting existing buildings to allow for 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 rise of shared workspace providers like WeWork and Regus and also due to the fact that IT companies benefit from Chicago's robust infrastructure and proximity to talent pools in other sectors; furthermore, 1871 incubator has ranked amongst one of the premier incubators around the world.
Chicago is one of the top three manufacturing city in the US that has high concentrations of food manufacturing, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easy to transport throughout the United States or around the world. In addition, innovation in the industry is rapidly advancing thus Chicago provides numerous incubators, such as the mHub.
Transportation and logistics are key economic drivers in the Chicago area, particularly in the process of transitioning businesses away from traditional retailing towards online sales. Chicago boasts a diverse shipping fleet that includes container ports airports, air cargo hubs airports, inland waterways and rail yards as well as well-developed intermodal facilities which provide access to the entire US supply 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 passengers every day, while its port plays a vital role in the flow of regional trade by handling bulk and container merchandise.
Tourism in the Chicago area is also seeing growth and will return to pre-pandemic levels in the summer, due to a variety of major events such as NASCAR race, illinois unemployment news today https://independent.academia.Edu] Lollapalooza Festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in travel as more airlines resume service, and the government eases travel restrictions. However, consumer confidence may suffer because the it is extremely unpredictable in the housing market; real estate professionals can assist buyers with these complexities and ensure informed decisions are being made by buyers.