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Introduction

Utah's economy has demonstrated a slowdown as it reflects the trends of the national markets.  Activity in most areas of real estate has slowed since 2007.  However, Utah still remains one of the bright markets nationally and continues to show job growth.

Salt Lake City's downtown is in the midst of a major overhaul.  In the next 5 years, there will be new office, retail and residential space added to the market. 

The Mid-Year 2008 Market Review, from Commerce CRG, highlights the following milestones:

Investment Property: Demand for investment properties has flattened in 2008.  Growth is expected to be slow.  Apartment sales continues to dominate the investment market.  The surge in this area is being driven by the expectation that home buyers who are unable to purchase during this economic slowdown will fuel higher demand for rental units. 

Industrial Property: Salt Lake's industrial market remains fairly strong.  Vacancy rates are  5.6% mid-year 2008.  Nearly half of industrial market activity is in buildings over 100,000 SF with an emphasis on large box distribution centers.

Office Space: A number of factors have pushed the office vacancy rate to 11.29% mid-year 2008. These factors include downturns in both the state and national economy, slower job growth, and higher levels of new construction. Nearly 1,000,000 SF will come on line before in the end of 2008. 

Retail Space: Retail construction in the first half of 2008 showed modest gains over the historical low of 2007.  A number of new projects will bring new retail space online in the next 5 years.  Projects include the downtown area, upgrading Fashion Place Mall and Valley Fair Mall, new development at the Cottonwood Mall site, and other smaller projects around the Salt Lake Valley.

For more information on the commercial real estate market in Salt Lake County, contact: Commerce CRG

Coldwell Banker Relocation Services

 

Real Estate Fraud Assistance

A number of real estate ponzi schemes have crept into the real estate market. A word to the wise, don't sign any documents, especially the deed to your property, unless you have consulted your attorney or banker.

For some additional information, contact Perfect Home Living at 1-866-217-1718.
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