AgeOfSpace Wiki

This page is read only. You can view the source, but not change it. Ask your administrator if you think this is wrong.
Chicago Industry Trends



As Chicago industries evolve,  Sample Press Release ([[https://independent.academia.edu/Pressez|Independent.Academia.Edu]]) Chicago is welcoming an increasing diversity of new business and real estate [[https://enockfoliquaye.wixsite.com/enockfoliquaye|development projects]]. Office leasing is booming in spite of rising costs for construction according to the BOMA/Chicago Study Tenants place more importance on amenities and location-making, thereby transferring them away from trophy new construction and towards more collaborative spaces. This trend can be observed through retrofitting of existing buildings, allowing for more flexibility for businesses as they downsize or relocate to smaller spaces.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the growth of shared workspace providers like WeWork and Regus, but also because IT firms benefit from Chicago's robust infrastructure and proximity to the talent pool in other sectors. Furthermore, the 1871 incubator is rated as the best incubators around the world.



Chicago is one of the top three manufacturing city in the US that has high concentrations of food, metals and plastics production. Manufacturing companies profit due to the city's central location, which allows them to easily move their goods across the country or around the world. Furthermore, innovation within the industry is rapidly advancing which is why Chicago provides numerous incubators, such as mHub.




Logistics and transportation are the main economic drivers in the Chicago area, especially when businesses shift away from traditional retail to online sales. Chicago boasts a diverse shipping fleet including container ports as well as air cargo hubs, airports, waterways inland and rail yards. It also has robust intermodal facilities providing 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 global hub for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak passengers every day, while its port serves as a crucial part of regional commerce through handling both containers and bulk merchandise.




Tourism in Chicago region is also experiencing an increase, and it is expected to get back to pre-pandemic numbers in the summer, due to a variety of major events such as NASCAR races, Lollapalooza festival, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport is expected to see increased traffic as more airlines resume service and the government decreases travel restrictions; however consumer confidence could suffer due to the fact that the prices for homes are extremely volatile; real estate professionals can help buyers navigate these nuances and make sure informed decisions are made by buyers.