Residential Real Estate has always followed Commercial Real Estate
For the first time since the recession began, development and construction of commercial real estate is on the rebound nationally, and Utah is among the leading states.
Utah ranked sixth in the U.S. in 2011 for direct spending across all categories of commercial real estate, the Commercial Real Estate Development Association reported last Tuesday. That's a leap from Utah's 2010 placing — No. 26. Only West Virginia saw a bigger jump, from No. 48 to No. 3.
According to the study, $3.6 billion was spent in the development and construction of office, industrial and retail buildings statewide in 2011, which supported 77,550 jobs.
It's a bunch of things that has changed the trend here in Utah. There are a lot of businesses that have migrated from California because it’s just too expensive to do business there. Multimillion-dollar facilities built by companies like eBay, EMCCorp and Adobe that have chosen to come to the state is evidence that Utah is much more inexpensive when it comes to doing business.
The City Creek development, a $1.5 billion mixed-use project in downtown Salt Lake City that opened in March, also played a major role in commercial growth last year.
It's predicted the commercial real estate market in the state will continue to be strong.
Texas led the survey with $7.9 billion in spending followed by New York, West Virginia, California and Arizona.
So as we have been telling our clients residential Real Estate always follows Commercial real estate so if you are getting ready to buy now is the time.