Utah's real estate market has seen slow, but steady growth since 2010. Even though our economy tends to mirror national trends, Utah's economy continues to outperform the nation. Lower unemployment rates and lifestyle advantages are helping to attract new businesses and jobs across the Wasatch Front.
Salt Lake City's downtown is in the midst of a major overhaul. The new City Creek Center opened on March 23, 2012. This project brings new office, retail and residential space to the Salt Lake market. The end of 2011 also brought back some speculative construction of office and industrial space.
- Investment Property: Commercial real estate investment sales value throughout Utah increased over 65% in 2011. This level of activity, just over $640 million, has been increasing each of the last three years but is still well off from pre-recession highs.
- Industrial Property: Salt Lake's industrial market is seeing positive activity in the first quarter of 2012. Compared to first quarter 2011, availability increased from 8.6% to 9.4%. Over 1MSF of space leased during first quarter 2012, with the majority of leasing activity occuring in transactions less than 10,000 sf.
- Office Space: In the first quarter of 2012, office space vacancy in Salt Lake County was at 15.5%. New office space in the Central Business District and in other locations throughout the valley will increase the vacancy rate slightly. Currently, class A space is at 8.3% vacancy and class B space is at 17.5%.
- Retail Space: Retail construction continues to be positive in the Salt Lake Valley. The new City Creek Center in downtown Salt Lake opened to enthusiastic shoppers. The Center is anchored by Macy's and Norstrom. The Fashion Place Mall continues to upgrade their mall and has opened Utah's first Crate & Barrell and H&M stores. Valley Fair Mall is also renovating and has added a number of restaurant pads and retailers onto their site. The expanded West Valley Trax line runs right in front of the Valley Fair Mall.
For more information on the commercial real estate market in Salt Lake County, contact:
Real Estate Fraud Assistance
A number of real estate ponzi schemes have crept into the real estate market. A word to the wise, don't sign any documents, especially the deed to your property, unless you have consulted your attorney or banker.
For some additional information, contact Perfect Home Living at 1-866-217-1718.
