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Monday, December 5, 2022

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St. George commercial real estate at premium as businesses move in – Brospar Daily News

Competition for housing in and around St. George’s has always been intense, but with most commercial property vacancy rates at or below 1% in 2022, competition between businesses is expected to intensify.

Commercial space in Southwest Utah is tighter than ever, with office and retail vacancy rates around 1%, according to a new mid-year report from NAI Excel. and industrial spaces below 1%. He regularly posts updates on commercial real estate from Las Vegas to the Wasatch front.

There is some uncertainty about the future of the market given rising interest rates, high construction costs and currency inflation, but the combination of rapid population growth, educational opportunities and quality of life in the St. George area means it remains as attractive as ever. NAI chief operating officer Jon Walter said the companies are looking to relocate or expand in the area.

Installers placed new signage on a building on St. George Blvd.  New businesses are struggling to find space in Washington County's booming real estate market, with prices rising as vacancy rates fall below 1% in the first half of 2022, according to a new report from NAI Excel.

Walter said a number of major projects are currently under construction, including large medical offices and a massive expansion of commercial space in the Quail Creek industrial area, which could help meet some of the demand. growing space, but the market remains very tight.

“There is still a serious shortage of properties to buy,” he said. “It’s very difficult to move into an existing building. It’s getting easier and easier to find land, but there are still a lot of challenges.

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