52 gst council Press release - https://form.jotform.com/230100573203033.

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 in spite of rising costs for construction as per the BOMA/Chicago Study tenants place greater importance on amenities and spacemaking, causing them to move away from trophy new construction to more co-operative spaces. This trend is also evident with retrofitting of existing buildings to allow for companies to use them in a variety of ways that are looking to reduce or move to smaller areas.

IT (Information Technology)

has quickly become one of the fastest-growing sectors in Chicago because of the proliferation of shared workspace companies like WeWork and Regus as well as the fact that IT firms profit from Chicago's robust infrastructure and proximity to the talent pool in other industries. In addition, the 1871 incubator is rated as one of the most prestigious incubators around the world.

Chicago is one of the top three manufacturing cities in the US, boasting concentrations in food manufacturing, plastics and metals. Manufacturing companies benefit due to the city's central location, which makes their products easily transportable across the globe or across the nation. Furthermore, innovation within the manufacturing industry is rapidly growing and Chicago has many incubators like mHub.

Logistics and transportation are the main economic drivers for the Chicago area, particularly when businesses shift away from traditional retailing towards online sales. Chicago is home to a broad shipping fleet, including container ports as well as air cargo hubs, airports, inland waterways, and rail yards. There are also well-developed intermodal facilities which provide access to the entire US distribution chain.

Chicago remains well placed to remain an economic powerhouse thanks to the recent expansion that has seen the 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 is a key component of regional commerce through handling containers and bulk products.

Tourism in the Chicago region is also seeing growth and will return to pre-pandemic levels in the summer, due to a variety of major events like NASCAR events, Lollapalooza festival Democratic National Convention and the International Manufacturing Technology Show. O'Hare airport could see a boost in traffic as more airlines resume service and the government relaxes travel restrictions. However, consumer confidence could suffer as it is extremely unpredictable in the housing market Real estate agents can assist buyers in understanding these complexities and ensure informed decisions are being taken by buyers.