I really enjoy each January when I am able to attend the NAIOP Utah Commercial Real Estate Symposium. It is one of the most well done conferences on commercial that I attend and I do attend a lot of them. They have been gracious enough to share a breakdown of the event as well as share a link to their 2019 Market Update Magazine. The links are below:
2019 Symposium Magazine
Full Event Re-Cap
Following are a few takeaways that I found valuable and applicable to the work that I am doing:
- There is a overwhelming need for affordable workforce housing across Wasatch Front
- Not likely to be relief for construction costs in the next two years
- The way that office space is being used is continuing to change and will impact existing buildings as well as new buildings
- Industrial market still the darling
- Retail seeing a lot of adaptive re-use in the form of entertainment & restaurants
- Private investments still drives the majority of investment in Utah although institutional and international investment is surging.
Hopefully this is helpful as you navigate your individual businesses over the next year.