Significant growth has been observed in the commercial real estate in Salt Lake City.
Office Sector
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.
Apartment Sector
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.
Retail sector
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.
Other sectors
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.