SALT LAKE CITY (AP) – Experts say a section of Utah’s commercial real-estate market is showing “no signs of slowing down.”
The Salt Lake Tribune reports CBRE, a Los Angeles-based Fortune 500 commercial real-estate services and investment firm that has an office in Salt Lake City, says in its annual report that investment sales along the Wasatch Front in 2017 reached a record $2.2 billion.
Lloyd Allen, managing director of CBRE’s Salt Lake City office, says with continued momentum, 2018 has potential to be a very good year as well.
Institutional funds and money coming in from out of state helped fuel the commercial sales growth, up from $1.9 billion in 2016.
Utah’s surging population – third in the nation last year at 1.9 percent – also figured in lifting sales of multifamily housing projects to their highest level ever, almost $1.1 billion.
Information from: The Salt Lake Tribune, http://www.sltrib.com
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