Skip to Content

Report says Utah real estate sectors are struggling

(Deseret News) The first six months of 2009 may be a precursor to the challenges to come in Utah's real estate market, according to the Mid-Year 2009 Market Review, released Tuesday by real estate brokerage firm Commerce CRG.

An analyst for the Salt Lake City-based company told the Deseret News that vacancies in the Salt Lake County office market would likely continue to climb for the next six months of the year and into 2010 from its current rate of 13.6 percent.

"We think that it's probably going to 15 to 15½ percent by the end of the year," Rich Nordlund, office specialist with Commerce CRG, said.

He said a number of new buildings are scheduled to come online in the near future, which will result in even more unoccupied office space around the valley.

Nordlund said that the faltering economy and increasing unemployment have had significant impacts on the office sector as companies downsized and therefore have required less space to operate.

"When the financial bubble burst nationwide … the people that were looking around basically (put everything) on hold," he said. "The whole market is in (flux) right now because of loss of jobs."

Original Article

Get E-mail Updates from

Receive FREE periodic updates from Subscribe here to be added to our mailing list.