Investing in commercial real estate in Utah can be a good choice for many reasons. With the low unemployment rate and strong job growth, the state offers great opportunities for those who are interested in expanding their businesses. But, it’s important to make sure that you choose the right real estate. Here are a few things to keep in mind.
Industrial space
Throughout the past five years, Utah has consistently been ranked as one of the best states for business. This has been attributed to the state’s low unemployment rate, strong economic growth, and ample infrastructure.
Utah’s commercial real estate market is very active. Many large projects are under construction and the local rental stock is expanding. The Salt Lake City industrial market is particularly active. A number of large warehouses have been leased in the past quarter.
The Salt Lake City industrial market is expected to grow substantially through the next few years. The overall average asking rent is $1,600 per month. The industrial vacancy rate in Salt Lake City is around 2.0%.
Salt Lake City is home to several major companies, including Amazon, FedEx, and UPS. Many of these companies have outgrown leased space and are looking for new locations.
Office space
Investing in Utah commercial real estate may be a smart choice for your business. The state offers tax breaks, ample infrastructure, and an opportunity for business growth. Its reputation for excellence has made it an attractive state for businesses and employees.
The state’s unemployment rate is below the national average. It has also been named one of the best states for business by Forbes magazine. The commercial real estate market in Salt Lake City has experienced rapid growth over the past few years. The latest market report indicates that the industrial and office space sectors in the state are both experiencing strong growth.
The Salt Lake City industrial market is particularly active. The vacancy rate in this sector is nearing 2.0%, which is down from a high of nearly 3.1% in late 2014. The average asking rent in the industrial space sector has increased 3% in the past quarter.
Hospitality
Several Utah based commercial real estate firms were in the spotlight at a recent NAIOP Utah conference. Many of these companies have been in business for over a decade and can offer insight into Utah’s commercial real estate market. They have been able to deliver the best in class hospitality real estate expertise.
The Francis – Christensen Hotel Group is a regionally focused hospitality brokerage team with over 26 years of collective experience. They have a strong background in both the Mountain West and national markets and have worked with many notable names such as Choice Hotels, Hilton, Marriott and IHG. Their team has also brokered over $450 million worth of Mountain West transactions in the past six years.
Another interesting company is CooperWynn Capital, which was founded in Park City in 2012. The company’s offerings include comprehensive hotel management services as well as asset management.
Below-average unemployment rates
Historically, Utah has consistently had below-average unemployment rates. This trend has been driven in large part by Utah’s strong economic growth. Utah also has a young, highly educated workforce and a favorable tax climate.
Utah has a labor market that includes 1.6 million people. Eighty-four percent of jobs in the state are in the private sector. Utah has one of the lowest unionization rates in the country.
Utah’s unemployment rate is below the national average of nearly six percent. Utah has one of the youngest populations in the country. The state’s population is forecast to double to 5.4 million by 2050.
Utah’s economy is driven by the strong tech industry. Utah’s tech sector is aided by a large talent pool and low real estate costs.
Salt Lake City
Known as the Crossroads of the West, Salt Lake City is a bustling city with many attractions and opportunities. Whether you are a tourist or a business owner, you can find something to satisfy your needs.
Salt Lake City is home to several ski resorts. In 2002, Salt Lake City hosted the Olympic Winter Games. In addition, the city is also a popular convention site. The 2002 Winter Games generated a huge boost in tourism.
Salt Lake City has several notable commercial real estate opportunities. Its affluent east side makes it a great place to set up shop. You’ll find a wide variety of industrial, commercial and retail space.
Salt Lake City has many landmarks. The Mormon Temple is one of the most notable, with its three towers and 13-foot gilded angel Moroni. The temple was built between 1853 and 1893 in a unique Mormon style.
