Utah Commercial Real Estate works to meet the unique needs of their clients. From assisting in the acquisition of a new building, to helping to manage the lease of an existing one, BHHS uses a team approach to serve their clients.
Multifamily rents in Salt Lake City grew by an average of 5.5% during the quarter
During the third quarter of 2011, multifamily rents in Salt Lake City increased by an average of 5.5%. Rental rates were also up at an average of 7.9% from 2010. The market is forecast to continue to tighten.
The increase in demand for multifamily housing is fueled by an increase in employment. This will lead to increased hiring, which will drive continued improvement in the rental apartment market. Despite the affordability crisis, Salt Lake City is one of the fastest growing cities in the country.
In the next three years, Salt Lake County will see a large increase in rental inventory. The county will add 18,167 units to the inventory. The demand for rental units is expected to continue as employers begin recruitment drives outside of the metro area.
Office property market in Utah has decreased quarter-over-quarter by about 3%
During the first quarter of 2022, the Utah office property market saw a decrease in quarterly asking rents of about 3%. While there is some skepticism as to why this occurred, it may be the result of low leasing activity in Salt Lake City’s submarkets.
While the overall office vacancy rate dropped to 2.8%, industrial space vacancy rates also decreased. The Utah manufacturing space vacancy rate fell to 0.6%.
While the Utah housing market is a seller’s market, the rapid appreciation may have decelerated due to deteriorating affordability. The Zillow Home Value Index, which measures average values for homes in the 35th to 65th percentile range, shows that the median price of a home in Utah rose nearly 20% in the year.
The Utah housing market has been a seller’s market for years, but the supply of new homes can’t match demand. As a result, prices will likely drop slightly in the coming months.
Industrial market in Utah is expected to grow substantially through the rest of 2022
Among the most active and fastest growing markets in the nation, Salt Lake City has become a real estate hot spot. New businesses and tech startups are establishing roots in the region and putting pressure on the local real estate market. However, supply is still in short supply, making the Utah housing market difficult for first time buyers to enter.
Despite the strong economy, the unemployment rate in Utah is still slightly below the national average. The December seasonally adjusted unemployment rate is estimated at 1.9%. This is the lowest it’s been since the Labor Department started keeping records in 1976.
The industrial market in Salt Lake City is thriving and expected to keep growing. Several large warehouses were leased in the past quarter. The vacancy rate for manufacturing space has fallen to 0.6%.
Salt Lake City’s desert climate supports hot summers and cold winters
Located at 40 deg 45’N, Salt Lake City is the largest city in Utah. It is surrounded by mountains, including the Great Salt Lake. These mountains are part of the Wasatch Range. They rise to heights of 10,613 feet. These mountains are home to Park City, Snowbird, and other tourist resorts.
Summers in Salt Lake are very hot and sunny. Average temperatures range from 39 to 40 degrees Celsius. In contrast, winters are very cold and snowy. Ice can fall as early as 1928. There are also eight times a year where excessive snowfall occurs.
Rainfall in Salt Lake City is moderate. On average, 21 inches of precipitation falls in the area. In some areas, rainfall can be as high as 50 inches. These rainfalls are largely due to the proximity of the lake and the mountains.
BHHS Utah Commercial Real Estate uses a team approach to meet client needs
BHHS Utah is a full-service real estate brokerage that’s been in the business for nearly 20 years. It’s part of the HSF Affiliates LLC real estate family of companies. With over 750 offices across 37 states, Berkshire Hathaway HomeServices Utah is one of the largest real estate brokerages in the country. It has long been known for its community-oriented service. It’s also been named the “Real Estate Agency of the Year” by consumers in the 2014 Harris Poll EquiTrend study.
There are many real estate companies in the Salt Lake City area, but only a select few have the expertise and resources to help clients in their quest to find the perfect house. Not only do they have the tools and experience, they also offer a variety of services to ensure a smooth transaction.
