Utah Poised to Build on 2013′s $1.3B Commercial Investment

2014 is shaping up to be an important year for Salt Lake City’s real estate market in terms of both residential and commercial sectors. However, it should be noted that 2013 was also a good year for the real estate market. According to the Salt Lake Tribune, the state has seen its best investment figures since before the economic downturn. Last year saw $1.3 billion be poured into the state’s commercial market. That same source writes that, should the amount of available properties have been higher, the figure would have also been considerably larger.

For Salt Lake City, 2014 promises to be a strong year in both the commercial and residential real estate sectors. Should that success arrive, it will build on the solid foundation established last year.

According to the Salt Lake Tribune, Utah enjoyed its best investment market last year since before the recession. Commercial deal volume topped $1.3 billion, a total that would have been even higher had more properties been available.

Utah-based investors accounted for only one third of sales exceeding $10 million, signaling plentiful interest from outside the state. According to the Tribune,  those capital flows are likely to continue in 2014. The Wasatch Front’s residential market is igniting investment and development, too. In particular, Salt Lake City is considered one of the nation’s hottest residential markets.

Utah’s hospitality industry is also on the rise, as visitors from around the world flock to attractions ranging from national parks to Park City’s Sundance Film Festival. In a sign of the times, the Utah Office of Tourism reported that tourism generated a record $961 million in tax revenues in 2012, according to the Deseret News. When last year’s final numbers are in, those revenues seem all but certain to pass $1 billion for the first time.