external frame Chicago Industry Trends
As Chicago shifts in its industry, Chicago is welcoming an growing variety of business and real estate development projects. Office leasing activity is increasing regardless of the rising cost of construction, as per the BOMA/Chicago Study tenants place greater value on amenities and places to be, which is driving them away from lavish new construction to more collaborative spaces. This trend can also be seen by retrofitting 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 due to the growth of shared workspace companies such as WeWork and Regus and also due to the fact that IT firms take advantage of Chicago's infrastructure that is strong and its proximity to the talent pool in other industries. In addition, the 1871 incubator has been recognized as the top incubators around the world.
Chicago is among the three top manufacturing cities of the US with a high concentration of food manufacturing, plastics and metals. Manufacturing companies benefit from Chicago's central location that makes their products easy to transport across the nation or globe. Furthermore, technology in this sector is rapidly progressing so Chicago offers numerous incubators like mHub.
Transportation and logistics remain key economic drivers in Chicago region, especially in the process of transitioning businesses away from traditional retailing towards online sales. Chicago has a varied shipping fleet including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. It also has well-developed intermodal facilities which provide access to the entire US distribution chain.
Chicago remains well placed to remain an economic powerhouse with the recent expansion that has seen the Chicago Mercantile Exchange - a international center for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port serves as a crucial part of regional commerce by handling bulk and container items.
Tourism in the Chicago area is also seeing growth and will be back to pre-pandemic levels by the end of in the summer, due to a variety of important events, including NASCAR events, Lollapalooza festival Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased flow of passengers as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence may suffer because the prices for homes are extremely volatile and define press release (start.me) real estate professionals are able to assist buyers in understanding these complexities and ensure informed decisions are made by prospective buyers.