Whether you’re searching for a Multifamily or Industrial property, Utah commercial real estate can be found all over the state. If you’re looking to start or expand your business, Utah Commercial Real Estate can help you find the perfect location. And with the wide variety of options available, you’re sure to find the perfect space for you.
Office space
During the past year, Salt Lake City’s office space market has experienced a significant increase in the number of leases signed. This is driven by strong demand from life sciences tenants. In addition, the public sector is a huge source of demand for office space.
In addition to a growing demand for office space, Utah is also home to an active industrial real estate market. The industrial market is expected to continue to expand significantly. This is driven by the rise in job creation and an upward climb in employment.
The industrial real estate market in Salt Lake City is especially active. This is reflected in the fact that the vacancy rate fell to just over 2.0%, down from 2.8 percent in 2015. In the past quarter, several large warehouses were leased in Salt Lake City. The average asking rent for industrial space grew by 3% during the third quarter.
There is a lot of new construction in the market, with a number of projects expected to deliver within the next few years. This should help boost absorption.
There is a lot of new construction in the market, with a number of projects expected to deliver within the next few years. This should help boost absorption.
There is a lot of new construction in the market, with a number of projects expected to deliver within the next few years. This should help boost absorption.
Multifamily
Investing in multifamily commercial real estate has been a popular strategy among investors seeking stability in a volatile market. Those looking to secure a long-term investment are turning to Utah as a safe and solid bet. The Wasatch Front’s rental vacancy rate has fallen to four percent, a decline that will drive new multifamily construction in 2018.
According to CBRE’s annual Salt Lake City Real Estate Market Outlook report, a record number of multifamily units is expected in 2018. During the year, the city expects 5,000 new multifamily units to be delivered. This will make Salt Lake City the largest regional contributor to the multifamily market.
With job growth and an increasing population, demand for workforce housing is also rising. Until now, supply has struggled to meet the needs of the local market.
Utah’s unemployment rate is lower than the national average. As the economy improves, more businesses will be able to deploy their capital in the state. This will lead to heightened commercial activity, which will boost the broader forecast for the real estate industry.
With job growth and an increasing population, demand for workforce housing is also rising. Until now, supply has struggled to meet the needs of the local market.
Utah’s unemployment rate is lower than the national average. As the economy improves, more businesses will be able to deploy their capital in the state. This will lead to heightened commercial activity, which will boost the broader forecast for the real estate industry.
Industrial
Investing in industrial real estate in Utah is a great way to make money. You can get a steady income stream from the rent, and you’ll have to do less maintenance and repairs on the property.
Industrial properties are different than other types of commercial real estate, like retail and multi-family. They’re used for a variety of purposes, from production and storage to research and assembly.
Industrial real estate is an important component of the global supply chain. It’s also an asset class that’s growing in demand because of the increasing automation of manufacturing jobs.
Industrial properties in Utah typically have low vacancy rates and high income tenants.
Aside from having a low vacancy rate, Class A properties also offer investors security.
Salt Lake City’s desert climate
Located in the Salt Lake Valley, Salt Lake City is one of the fastest growing cities in the United States. The population of the city is around 1.15 million. The average age is around 32.3 years.
In the recent past, Salt Lake City has seen a growth in its commercial real estate market. There is a large pipeline of industrial development in the area. The growth in employment is causing a rise in demand for multifamily housing. The market forecast calls for more new development deliveries and moderate rent growth.
The market has seen a decline in industrial space vacancy over the past quarter. Office space vacancy decreased by 3%, manufacturing space by 6% and multifamily space by 5.5%. The overall vacancy rate increased by 0.8% over the past quarter.
Salt Lake City’s commercial real estate market has grown quickly in recent years. The lack of cold fronts and long-lasting high pressure keep temperatures hot.
