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​Commercial Real Estate Experts Weigh In
Posted on March 8th, 2016

You've seen the headlines and heard the news. Utah's job numbers have been among the best in the country and those numbers aren't lost on businesses looking to build in the Beehive State. Several experts from Utah's commercial real estate industry met last week at Utah Business' round-table, where they discussed the state of the industry.

The overall message: they are cautiously optimistic.

Many talked about the unprecedented growth happening right now, especially in places like Draper and Lehi, where commercial construction is booming.

“We have finished or are under construction on 1.2 million square feet in Draper and about 400,000 square feet in Lehi—and that’s just this year. In my career, I’ve never seen anything [like this.] I hope the momentum continues, but I don’t see that continuing at that pace. But I think we’re going to chug along at a good pace,” said Jack Boyer of The Boyer Company.

The reason for the "cautious" optimism, ironically, is Utah's unemployment rate. Utah ranks among the lowest in the nation for jobless numbers, which has some companies worried that there might not be enough workers to fill jobs should they decide to open for business in Utah. While low unemployment is a good problem, according to Boyer, "Companies looking to expand (and thus buy more office space) have to consider what talent is available to them before they pull the trigger."

Still, national businesses are attracted by the high quality of life Utah has to offer, as well as the low operating costs - approximately $7 per square foot vs. $10-$12 nationally.

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