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Commercial real estate on historic pace, report says ~ Report says Salt Lake City among 'toughest' housing markets for millennials

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Commercial real estate on historic pace, report says

by Jason Lee https://www.deseretnews.com/article/...port-says.html

SALT LAKE CITY — Industrial leasing in Salt Lake County has topped 1 million square feet for the sixth consecutive quarter, a new report stated.

It is the longest run on record for the county, according to CBRE’s Q1 2018 MarketView. The report showed lease activity impacted by sustained increased development levels during the first three-month period of the year. Thus far, industrial developers have applied for 1.3 million square feet of speculative industrial permits and the initial phase of the Salt Lake City Port Global Logistics Center was also announced.

The new project is planned to be a 3,000-acre logistics park in the northwest quadrant of Salt Lake City with phase one slated to consist of 10 buildings totaling approximately 7.5 million square feet, said CBRE senior vice president Jeff Richards.

"Salt Lake’s industrial market has experienced remarkable growth in the recent past and it shows no signs of slowing down,” he said. “With the announcement of the Salt Lake City Port Global Logistics Center, the local industrial market has potential to increase in size by 39 percent in the future. This is just one example of the extraordinary momentum occurring in Utah’s industrial segment right now."...


Report says Salt Lake City among 'toughest' housing markets for millennials

by Jason Lee https://www.deseretnews.com/article/...llennials.html

SALT LAKE CITY — While the Beehive State can boast one of the most robust economies and housing markets in the country, that strength has created a challenging circumstance for young would-be homebuyers, a new report says.

According to California-based realtor.com, a combination of low housing inventory, escalating real estate prices and increasing demand have made San Jose, California; Seattle; Salt Lake City; Minneapolis; and Omaha, Nebraska, the toughest areas in the country for prospective millennial homebuyers this spring...

..."Especially in the last year, you look at the economy growing at about two times the pace of the U.S. average," he said. "The other part is the city itself is becoming a place where people actually want to put down roots. That's where we're seeing some of that millennial demand build up in the last 18 months."

He added that the area's lifestyle options are helping to make the city more attractive to the millennial population, something that should continue for the foreseeable future...

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