SALT LAKE CITY, UT—The fourth quarter of 2014 brought increased construction and demand across all market segments and this momentum in the commercial real estate market is expected to continue into 2015, according to CBRE's MarketView Research Reports.
Industrial Market
At the close of 2014, speculative construction in Salt Lake's industrial market reached its highest level in over six years. Over the course of the year, approximately 3.1 million square feet of industrial space broke ground, 95 percent of which was speculative, or roughly 3 million square feet. The majority of these new projects consist of high-clear (ceiling heights greater than 32 feet), class-A warehousing and distribution spaces located in the northwest quadrant of Salt Lake County. This follows the recent trend of the need for larger warehousing space with access to multiple modes of transportation to accommodate the growth of e-commerce.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
