Monday, February 22, 2016

Commercial Real Estate in Utah

I've had some experience dealing with commercial real estate in Utah over the last 10 years. The most recent and most significant related to the land we purchased and the building we're constructing at Vista Station in Draper. While I don't profess to be an expert or to have an exhaustive list of resources, I hope the information in this post will help you understand that there is a robust and vibrant commercial real estate ecosystem in the Silicon Slopes.

Developers

Two of the large commercial office developers are working on Draper Vista Station as equal partners in a joint venture: Boyer & Gardner. There are a handful of other developers:
While most of them are fairly broad in their geographic focus, Stack s is primarily focused on Thanksgiving Point. There is a high concentration of tech companies in this area given its position near the middle of the Silicon Slopes. There is one obvious omission from the list: Sorenson. The Sorenson's have a variety of private companies, including but not limited to commercial real estate development. I simply don't know that much about them.

Real Estate Agents

City Creek construction in downtown SLC 

General Contractors

Other Utah Details

  • Utah State Prison - The prison occupies roughly 700 acres in its current location in Bluffdale. It will be relocated just west of the SLC airport in the coming years. This will create a massive new commercial (and residential) development opportunity. 
  • LDS Church - The Mormon church, while not a commercial entity, owns a lot of land in Utah and builds a lot of buildings. This is one of the reasons why our market can sustain four large general contractors. 
  • Good availability with options - Commercial space is generally very available and in a variety of options: lease or own, long-term or short-term, large or small, already built or build-to-suit, etc.
  • Dynamic, high-growth - In case you didn't already know, the economy in Utah is very healthy and the IT sector in particular is driving a lot of the job growth . . . and associated real estate development. This trend is likely to continue for a long time. 
Brandon's name is everywhere
One of many commercial real estate signs

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