Commercial real estate sales in Utah exceed $2b in 2016
For the first time in the state’s history, Utah has broken the $2 billion mark for commercial real estate investment sales, according to Cushman & Wakefield Commerce.
“Strong economic growth, solid cap rates and low unemployment all point to reasons why this is the third record-breaking year in a row for commercial real estate investment sales and why the Utah commercial real estate market is in a very healthy position going into 2017,” said Trigger Reital, managing director and market leader of the Cushman & Wakefield Commerce Salt Lake City office, in a statement.
The average transaction size jumped 19 percent year-over-year, led by sizable office and apartment transactions. Utah had nearly 9.8 million square feet of space transacted, the highest total since 2006 and the average price of commercial sales rose to $122.99 per square foot, the second highest on record.
Roughly 1.2 million square feet of office construction in