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Chicago Industry Trends
As Chicago changes in the industry, Chicago is welcoming an expanding variety of new business and real development projects. Office leasing activity is rebounding even as construction costs are rising according to the BOMA/Chicago Study and tenants place greater value on amenities and placemaking, leading them away from imposing new constructions to more collaborative spaces. This trend is also apparent with retrofitting of existing buildings to enable flexibility for businesses as they downsize or relocate to smaller areas.
IT (Information Technology) has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace providers like WeWork and Regus as well as the fact that IT companies benefit from Chicago's infrastructure that is strong and its proximity to the talent pool in other industries. In addition, the 1871 incubator has been ranked as the top incubators around the world.
Chicago is among the three top manufacturing city in the US with a high concentration of food, metals and plastics production. Manufacturing firms benefit due to the city's central location, which allows them to easily move their goods throughout the United States or around the world. Furthermore, technology in the manufacturing industry is rapidly growing and Chicago provides numerous incubators, such as the mHub.
Transportation and logistics are key economic drivers press release in public relations Chicago area, especially when companies shift away from traditional retail and move to online sales. Chicago is home to a broad shipping fleet including container ports, air cargo hubs, airports, inland waterways, and rail yards. There are also robust intermodal facilities providing access to the entire US logistics chain.
Chicago is well placed to remain an economic powerhouse with the recent expansion that has seen the Chicago Mercantile Exchange - a global hub for trading and processing commodities - coming into effect. Union Station serves thousands of Amtrak travelers every day. The port plays a vital role in the flow of regional commerce by handling containers as well as bulk items.
Tourism in Chicago region is also seeing growth, and should get back to pre-pandemic numbers in the summer, due to a variety of important events, including NASCAR race, Lollapalooza celebration, Democratic National Convention and International Manufacturing Technology Show. O'Hare airport will see an increase in traffic as more airlines resume service, and the government eases travel restrictions. However, consumers' confidence could suffer as it is extremely unpredictable in the housing market and real estate professionals are able to aid buyers to navigate these complexities and ensure that well-informed decisions are being made by buyers.