The commercial real estate market is growing in Park City, especially the hotel sector. During the skiing season, the demand for hotels and resorts increases. Many new hotels and resorts are being constructed recently.
The steering is on the supplier’s hand, as a result price of these commercial spaces are not dropping. Actually the growth in the hotel sector started before the Winter Olympic that was held in 2012. With so many people rushing in from different parts of the world, the hotel sector had experienced tremendous growth unlike the previous years.
There were the participants and spectators trying to find a place to stay in order to enjoy the huge event. There wasn’t a single hotel or resort left that was unoccupied. The Winter Olympic, in fact, boosted the whole tourism of Park City which is why this sector still continues to grow today.
The growth of the office sector is also worth noticing. New offices are being constructed with all modern facilities. People continue to rent these places even though the rate is high. The retail sector has also seen enormous growth, especially because of the Winter Olympic.
Many shops have started doing business and so have rented space even at a higher rate. People are finding apartments a better choice than single houses. So, renting spaces for apartments are also high on demand. Apartments provide all the modern facilities including state-of-the-art technology for security systems such as CCTVs and intercom; latest fittings on bathroom, mostly fully furnished and other features that will pamper the customers.
Significant growth has been observed in the commercial real estate in Salt Lake City.
The office sector in Salt Lake City has experienced considerable growth in the recent years. According to a research conducted recently, the rents of offices were more than the national average. The national average of office rental space is $24.96 for every square foot of space of categories class A and class B; whereas, in Salk Lake City it is $28.66. Class A office space is the best among all and so the rent is also higher. It has excellent infrastructure, latest technology, elevator and high tech modern security systems. The rental rates of these spaces are increasing day by day.
The apartment sector of Salt Lake City is also expanding. There is high demand for apartments and so new constructions are taking place in order to meet demand. More than 6,000 units are under construction or in the proposal state.
The retail sector is stable now. Volume of retail transaction is growing. Some small retails are still struggling though. New projects are coming in due to the increase in grocery customers.
New industrial construction is improving. Demand for hotel space is also on the rise.
Even though all the sectors are indicating positive trends, investors must be careful in case the market changes unexpectedly. Investing in commercial real estate is a long term investment. So, investors must be cautious before entering any new venture.