Business Opportunities in Utah's Commercial Real Estate Market

Thriving Business Opportunities

Utah is home to some of the best Utah Commercial Real Estate markets in the country. A combination of low unemployment, ample infrastructure and tax breaks make it an attractive place to do business.

This is reflected in the thriving retail and industrial sectors as well as office space. In fact, Utah is consistently ranked one of the best states for businesses.

1. Office Space

Thriving Business Opportunities in Utah's Commercial Real Estate Market

With a reputation for excellence in infrastructure and economic growth, Utah is an excellent place for businesses to operate. Low unemployment rates are also attracting businesses to the state.

Office space is a popular choice for many commercial businesses. This space is versatile, durable, and scalable to suit a wide range of needs.

Whether you’re a tech startup looking for flexible office space, or a large corporation looking to relocate, there are plenty of options to choose from. Start by downloading Deskpass, and browse modern, convenient locations around the state.

In terms of industrial space, demand for distribution and manufacturing is outpacing supply, with vacancy rates falling to 2.8% and 0.6% respectively. The industrial development pipeline remains active, too.

2. Retail Space

Utah is known for its thriving business opportunities, especially in the retail space. This is because of the many visitors that come to the state each year, which creates great commercial opportunities.

A large percentage of these visitors come to Salt Lake City, the state's capital and most populated city. The vacancy rate is at an all-time low in this area, reflecting the growing demand for both existing and new retail space.

According to Simonsen, one trend that he sees is the repurposing of older big box retail stores for other uses. These spaces are now being occupied by new categories such as furniture, paint, and carpet stores.

Retail space in Utah is currently very healthy, with overall asking rents increasing quarter after quarter. These prices are reflective of the fact that vacancy rates have dropped below 3%, and this market is expected to continue its upward momentum in 2022.

3. Industrial Space

Salt Lake City's industrial space is a thriving business opportunity for investors. Warehouses and other industrial properties are gaining in popularity as more e-commerce companies seek to provide faster delivery services for their customers.

Moreover, Utah's economic strength and population growth have led to significant job gains in the state's commercial real estate market. Office-using jobs in particular have experienced strong growth, whereas industrial-using jobs have surged at an even higher rate.

These increases have bolstered the demand for industrial spaces and helped to drive up asking rents. In fact, vacancy rates in Salt Lake City's industrial property market have dropped below 3% and are expected to stay low in the year ahead.

Salt Lake City's commercial real estate market continues to grow at a rapid pace, making it one of the top markets in the country for attracting new businesses and expanding existing operations. This is due to a number of factors, including Utah's economic strength, population growth and the continued success of its tech industry.

4. Warehouse Space

Warehouses are an important component of Utah’s commercial real estate market. They can be used for many different things, including storage, manufacturing, and office space.

A lot of companies are turning to warehouse space for their business needs, which is great news for commercial real estate investors! These spaces are also very flexible and can be easily customized to suit your company’s needs.

Another thing to consider when it comes to warehouses is their location. This is important because it can impact how easy it is to get to the warehouse.

In addition, security is something to keep in mind when it comes to leasing a warehouse. This is important because it can protect your property and keep you safe from theft.

Warehouses are an important part of any business’s infrastructure, so it’s important to take care of them correctly. They can be a great investment for your business, and they can even be profitable!