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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 rebounding regardless of the rising cost of construction, according to the BOMA/Chicago Study tenants place greater importance on amenities and the placemaking, leading them away from lavish new construction to more collaborative space; this trend is also apparent by retrofitting existing buildings to allow for flexible use by firms 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 rise of shared workspace companies like WeWork and Regus, but also because IT firms profit from chicago press conference (https://mirror.xyz/0x012D387Ca842d46f8Dc4670BC6a8c919CE26343C)'s extensive infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as the best incubators worldwide.
Chicago is among the three most productive cities of the US, boasting concentrations in food, metals and plastics production. Manufacturing firms benefit from the centrality of Chicago, which makes their products easily transportable throughout the United States or around the world. Furthermore, innovation within the manufacturing industry is rapidly growing which is why Chicago offers numerous incubators like mHub.
Logistics and transportation remain major economic drivers in Chicago area, especially in the process of transitioning businesses away from traditional retail to online sales. Chicago is home to a broad shipping fleet which includes container ports, 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 to continue to be a major economic force thanks to the recent expansion of the Chicago Mercantile Exchange - a global hub for trading and processing commodities - taking effect. Union Station serves thousands of Amtrak passengers each day. Its port plays a vital role in the flow of regional commerce through handling containers and bulk goods.
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Tourism in Chicago region is also seeing expansion, and is expected to return to pre-pandemic levels in the summer, due to a variety of major events such as NASCAR races Lollapalooza festival, Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport is expected to see increased travel as more airlines resume service and the government reduces travel restrictions. Nevertheless, consumer confidence may suffer because the markets for housing are highly volatile and real estate professionals are able to aid buyers to navigate these complexities and make sure informed decisions are made by buyers.
