Utah's industrial market has been booming in recent years, with companies like Amazon and UPS opening large distribution centers in the state. Financing options for office properties in Utah include conventional loans, SBA loans, and CMBS loans. According to CBRE, the vacancy rate for office space in Salt Lake City was 11.5% in Q2 2021, with an average asking rent of $25.50 per square foot. The office market in Utah has also been growing, particularly in Salt Lake City and the surrounding areas.
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Financing options for multifamily properties in Utah include conventional loans, FHA loans, and Fannie Mae and Freddie Mac loans. According to CBRE, the average rent for a two-bedroom apartment in Salt Lake City was $1,300 per month in Q2 2021. The multifamily market in Utah has been strong in recent years, with high demand for rental properties due to the state's growing population and low unemployment rate. According to the Utah Economic Council, the state's GDP is expected to grow by 4.5% in 2021, and the unemployment rate is projected to continue to decline. The COVID-19 pandemic had a significant impact on Utah's economy, but the state has been able to recover quickly.
In recent years, Utah has also become a hub for tech startups, with companies like Adobe, Qualtrics, and Pluralsight all based in the state. The state has a business-friendly environment, with low taxes and regulations that make it attractive to companies looking to relocate or expand. Utah's economy is diverse, with major industries including healthcare, education, government, and technology. This growth has led to a strong demand for commercial real estate in Utah, particularly in the multifamily, office, industrial, retail, self-storage, and hospitality markets. The state's population has also been increasing, with a growth rate of 1.7% in 2020, according to the U.S. Utah's economy has been growing steadily over the past few years, with a low unemployment rate of 2.9% as of August 2021, according to the Bureau of Labor Statistics.
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