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Chicago Industry Trends



As Chicago shifts in its industry, Chicago is welcoming an expanding variety of new business and real estate development projects. The office leasing market is recovering regardless of the rising cost of construction, according to the BOMA/Chicago Study; tenants place greater value on amenities and placemaking, leading them away from lavish new construction and towards more collaborative spaces. This trend can be observed in retrofitting existing buildings to enable companies to use them in a variety of ways when they reduce their size or move to smaller spaces.




IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago due to the proliferation of shared workspace operators like WeWork and Regus and also due to the fact that IT firms profit from Chicago's strong infrastructure and its proximity to the talent pool in other sectors; furthermore, 1871 incubator is rated as the best incubators globally.

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Chicago is among the three most productive cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing companies benefit from the centrality of Chicago, which makes their products easy to transport across the country or around the world. In addition, innovation in this industry is rapidly increasing which is why Chicago has numerous incubators such as the mHub.




Transportation and logistics remain key economic drivers in the Chicago region, especially when companies shift away from traditional retail and move to online sales. Chicago boasts a diverse shipping fleet which includes container ports and air cargo hubs. airports, inland waterways, and rail yards. It also has robust intermodal facilities providing access to the entire US the supply chain.




Chicago remains well placed for a long-term economic success thanks to the recent expansion of Chicago Mercantile Exchange - a world-class trading center 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, handling bulk and container merchandise.




Tourism in the Chicago region is also seeing an increase, and it is expected to get back to pre-pandemic numbers this summer as a result of several major events like NASCAR events, Lollapalooza celebration, Democratic National Convention and International Manufacturing [[https://chicagoreader.com/?s=Technology|Technology]] Show. O'Hare airport will see an increase in traffic as more airlines resume service and the government decreases travel restrictions. However, consumer confidence may suffer because the markets for housing are highly volatile and real estate professionals are able to assist buyers in understanding these complexities and make sure informed decisions are being taken by buyers.