BHHS Utah Commercial Real Estate uses a team approach to meet your specific needs. From office space to multifamily, we can help you find the perfect space for your business.
Multifamily rents in Salt Lake City grew by an average of 5.5% during the quarter
During the second quarter of the year, Salt Lake City multifamily rents grew by an average of 5.5%. The rise was led by new development deliveries, average to above-average rent growth, and a favorable supply-demand imbalance.
Salt Lake City’s commercial real estate market has grown rapidly in recent years. Its industrial real estate market has also been active, with several large warehouses leasing in the past quarter. The city’s industrial market is expected to continue growing substantially through 2022.
The average asking rent for an industrial space in the city rose by 3% quarterly. The city’s industrial vacancy rate is nearly 2.0%, and a number of buildings have been recently purchased.
The rental vacancy rate in buildings with ten or more units is also up to 7.4%. However, this is lower than the federal report’s 1.4% vacancy rate for units less than $300.
Industrial market in Salt Lake City is expected to grow substantially through the rest of 2022
Located in the Salt Lake Valley, Salt Lake City is a metropolitan area of 1.2 million people. It is also the largest urban area in the state. The Salt Lake City economy is growing at a rate of approximately 2.0 percent annually.
As a result, the commercial real estate market is expected to continue its strong growth through 2022. The industrial market is also expected to expand substantially.
According to CBRE-EA, Salt Lake City’s industrial vacancy has decreased to almost 2.0 percent. This is one of the lowest vacancy rates in the country.
The market has seen increased leasing activity in the CBD. In the second quarter of 2022, Class A properties accounted for the most new leases in the CBD. This should boost absorption throughout the year.
Another key factor that has encouraged high demand for industrial space is the e-commerce boom. As a result, Salt Lake City is home to a number of tech firms that have relocated from California.
Salt Lake City’s desert climate supports hot summers and cold winters
Located on the Salt Lake Valley, Salt Lake City, Utah, is a city of 186,500 people in the Great Basin. The city is situated at the foot of the Wasatch Mountains and is surrounded by the Great Salt Lake, the largest body of water in the United States.
The summer in Salt Lake City can be very hot. Temperatures can reach as high as 100 degF in the desert.
Snowfalls are frequent during the winter months. The Great Salt Lake has a large effect on the amount of snow that falls in the city. The Great Salt Lake is also a contributor to the number of rainy days.
The lowest points in the city are near the Jordan River. The highest points are Grandview Peak and Twin Peaks. These mountain peaks rise to over 3,800 feet.
Salt Lake City’s office space sector has decreased quarter-over-quarter by about 3%
Despite the strong economic backdrop in Salt Lake City, the office space sector has experienced a 3% decrease in quarterly asking rents. This is in part due to a restrained start to construction in the metro area and a Zika virus threat.
The Salt Lake County office market recorded a direct vacancy of 922,507 square feet. The overall vacancy rate in the Utah market rose to 19.6%.
A notable uptick in leasing occurred in Salt Lake City’s central business district. Class A properties accounted for the majority of new leases. This should continue to drive absorption in the next few years.
Salt Lake City’s industrial market remains active. Several large warehouses leased space in the past quarter. The vacancy rate for manufacturing space has decreased to 0.6%.
The industrial sector in Salt Lake City has seen a significant boost in activity over the last few months. A number of buildings with short-term tenancies have sold for multi-family conversions.
BHHS Utah Commercial Real Estate uses a team approach to meet client needs
BHHS Utah Commercial Real Estate uses a team approach to help its clients get the most out of their properties. Each member of the team brings a unique set of strengths to the table. These varying skills help to provide the highest level of service possible.
For a full-service real estate brokerage, the SRPG team has a lot of accolades to its name. It is a testament to their commitment to providing a complete and comprehensive range of services to its clients.
The team also made the grade with several awards at their annual sales convention. One of their most noteworthy awards was a Gold Stevie award for their entry in the Startup of the Year category.
The award drew more than 3,300 submissions. The SRPG team was ranked in the top eight in the nation, making them one of the most successful teams in the real estate industry.
