Utah Real Estate “Buzzing” on Completion of 2013

Below are 10 bullet points I thought of interest:

  1. Economic Accolades:
    1. Forbes Magazine ranked Utah #3, “Best State for Business and Careers”
    2. CNBC Ranked Utah #5 for “the Best State for Doing Business in 2013”
    3. Forbes Magazine ranked SLC #10 in “Best Cities for Business”
  2. Unemployment Rate in the State is 4.3% compared to the National Average of 6.7%
    1. Top 10% for lowest unemployment
  3. In the Industrial Space, “net absorption for 2013 eclipsed those of the prior two years combined.”
  4. Staying in Industrial…  Sales price “per square foot” increased 10.4% compared to 2012 and “has increased in each of the last three years.”
  5. Again, with Industrial, due to LACK of product, “demand for quality investments outpaced available supply.”
  6. 2013 was the “most active commercial investment market in Utah’s history.”
  7. “Average” Cap Rate in Utah, in Multifamily is 6.05%
    1. Which is down 48 basis points from 2012
  8. Multifamily saw the largest year-to-year dollar volume increase at 137%
  9. Industrial & Multifamily accounted for 69.10% of all the square footage sold in 2013
  10. Overall price per square food is at its highest since 2008

Based on the aforementioned information, knowing how well we purchased, and have developed, our offerings in 2013, we are enthused about the future.

We consider ourselves VERY blessed to work with the team we have in place and the partners, both joint-venture and investing, who have placed their confidence in us, which allows us to continue to do what we love to do:  Real Estate!

Here’s to an exceptionally successful 2014!