Article

Hard Hat Zone

Utah Bucking National Trends with Commercial Construction

Josh McFadden

April 8, 2013

Bouchard elaborates on the future of new construction by acknowledging that a lot of plans in the pipeline and outlook for construction could change quickly, but it’s safe to say Utah will continue to experience a fair amount of new construction during the near- to medium-term.  According to CBRE, the industrial and retail markets should continue to see the highest amount of new construction, while the office market will experience moderate growth.

Newmark Grubb ACRES Vice President Chris Falk and his team say all segments of commercial real estate will see continued growth throughout this year. Falk sees office condos as an area that will experience tremendous growth in 2013.

Echoing CBRE’s projection, Newmark Grubb ACRES’s Andy Moffitt, retail specialist with Mountain West Capital/Investment, says Utah’s retail construction market should be “incrementally better in 2013 than 2012.” And this is truly good news for all who live and work in Utah.

“The year 2012 proved to be a very positive year and 2013 looks to continue that trend,” says Newmark Grubb ACRES Marketing Director Brady Anderson. “Across all market segments, outlooks remain positive, and agents and owners are optimistic for the next 12 months.” 

Recent Notable Projects

Xactware
Traverse Mountain
210,000 square feet

Thanksgiving Park 4
Thanksgiving Point
145,000-square-foot, 5-story building

The Pointe IV
Draper
120,000-square-foot, 4-story building

eBay
Vista Station in Draper
Large, $100-million campus

Hoopes Vision
Station Park in Farmington
Multiple 3-story buildings

 

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