After a very successful 2015, this year is already getting off to a great start for Utah real estate. Recent reports have indicated that the state’s commercial properties are expecting some serious growth, and state officials and real estate professionals couldn’t be happier. Last year, investors spent nearly two billion dollars on commercial real estate all over Utah, and people from other areas of the country have realized that Utah is a great place for investing in property. According to The Salt Lake Tribune, “The state added a record-breaking 2.9 million square feet of industrial space in 2015 and had 1.6 million under construction, large portions of it in Salt Lake City’s northwest quadrant.” Multifamily housing has also been an area of exceptional success for Utah real estate, and with the number of renters increasing all over the country, there’s no reason to think that this success will slow down.
In fact, 2015 welcomed 4,100 apartments to Utah, and renters of all ages are jumping at the chance to become tenants. However, multifamily housing isn’t the only area of real estate that is projected to boom this year. There are also a number of shopping outlets, warehouses, offices, and industrial buildings that many developers are planning on building throughout the state. As these properties continue to bring money to the state, they will also likely bring an influx of people and influx of jobs, and Utah plans to take full advantage of its healthy commercial real estate.
Although Utah may not seem like the place to be, for those looking to invest in commercial real estate, it may prove to be paradise on earth.
(Photo by Justin Sullivan/Getty Images)