BHHS Utah Commercial Real Estate is a team of professionals dedicated to providing clients with the services they need. Whether they are purchasing, selling, or leasing commercial property, the team at BHHS provides a professional and personal approach to real estate.
Multifamily rents in Salt Lake City grew by an average of 5.5% during the quarter
During the past quarter, Salt Lake City multifamily rents increased by an average of 5.5%. This represents a continuation of the multifamily market’s rapid growth and demonstrates the strong performance of the multifamily market throughout the year.
The Utah housing market is still experiencing a housing shortage, which is driving demand for rental apartments. The average household income in Salt Lake County is $88,000, and the average age of the population is 32.3 years old. This young, diverse population is helping drive the rapid multifamily growth in the area.
The Salt Lake City industrial market is also very active, with several large warehouses leased in the past quarter. The city’s industrial market is expected to continue its boom through 2022, with the expectation of new development deliveries.
Office space sector has decreased quarter-over-quarter by about 3%
Compared to last quarter, Salt Lake City’s office space sector has dropped 3%. This is a small decrease, but is the result of several factors. For starters, Utah’s economy has improved and more workers have been re-trained in areas such as industrial banking, which are less affected by the Great Recession. This should bode well for absorption and vacancy in the near term.
There was also a notable uptick in leasing in Salt Lake City’s CBD. This is not a surprising development, given that Salt Lake City is home to a large population of college graduates.
Overall, the commercial real estate market in Salt Lake City is a competitive one, but it is still a seller’s market. Despite the growing supply, there is a demand for multifamily housing in the form of an upward trend in employment. This will translate into higher prices in the near future.
Industrial market in Utah is expected to grow substantially through the rest of 2022
During the past quarter, the Salt Lake City industrial market experienced an upward climb in demand. In particular, the city’s CBD was seen as having the most notable leasing activity, including a significant uptick in Class A properties.
While the overall market has been relatively strong, the real estate market is still highly competitive. The vacancy rate for manufacturing space in the Salt Lake area has fallen to a modest 0.6%.
The multifamily sector is also active, as well. In the past quarter, Salt Lake City saw an increase in overall apartment rents by 5.5%. During the year, a total of 5,000 new multifamily units were delivered to the local rental market.
The market is still showing signs of growth, and is expected to continue to grow through at least 2022. Despite a modest improvement in employment, there is still a huge amount of demand for multifamily housing.
BHHS Utah Commercial Real Estate uses a team approach to meet client needs
BHHS Utah Commercial Real Estate uses a team approach to meet the needs of clients. Each member of the team brings a unique skill set that will enable them to provide the highest level of service. They will also utilize a wide variety of decision-making tools. This is a team of professionals with decades of experience, providing exceptional management and sales services.
The Berkshire Hathaway HomeServices Utah Commercial Real Estate team specializes in multi-family properties. They have extensive market knowledge in both Summit and Wasatch counties. They are experts in leasing, development, and commercial services. They will help to determine the best rental price for a property based on the neighborhood, condition, and size of the unit. They will also suggest improvements to the property.
The SRPG team has been recognized in the top 1/2% of the national real estate market. They specialize in the sale of luxury homes. They have worked with several prominent real estate companies. They are also co-founders of several companies.
Below-average unemployment rates are helping the real estate market
Despite a lack of supply, the Salt Lake City real estate market continues to rank among the hottest in the country. Utah’s economy is robust and the unemployment rate is near historic lows. The state has also shown itself to be one of the nation’s best at reemploying workers.
There are many good reasons to consider moving to Utah. The state has a strong economy, a young and educated workforce, and low state and local taxes. This has led to a boom in the commercial real estate industry.
Although Utah is still in the early stages of its recovery, the vacancy rate remains relatively stable at 6.7 percent. Demand for office space is strong throughout the state, especially in centrally located areas.
The statewide median sales price jumped 9.9 percent in the first quarter of this year. However, a more than 50 percent of the housing stock is worth less than $572,971. This means that the supply of new homes is not sufficient to meet demand.
