Ever Been Curious about Commercial Real Estate in Utah? Why Commercial Real Estate is Booming in a Pandemic and 3 Tips on How You Can Enter the Market

Sep 22, 2020, 3:55 PM

office space...

Photo: Adobe Stock

Altabank - Jumbo LoansThis article about commercial real estate in Utah is sponsored by Altabank. Member FDIC.

While some businesses are shuttering because of the pandemic, other businesses that have built-in abilities to satisfy people working from home and social distancing are actually booming. To those who might be interested in commercial real estate, now could be a perfect time to get into it. Here are 3 tips for moving into commercial real estate in Utah.

1. Decide if Commercial Real Estate in Utah is Right for You

For Sale Commercial Real Estate - Commercial Real Estate in Utah

Photo: Adobe Stock

In recent years there has been a huge shift from in-person shopping to online shopping. And now the COVID-19 pandemic has made the transition more drastic. Retail and office spaces are being challenged with limited in-person contact. But warehouse spaces are becoming more in demand. There are benefits and disadvantages of getting into the commercial real estate market in Utah. Unstable financial markets can create great real estate opportunities for people who are in a good spot financially. If it sounds like the right time, next you have to decide what you are planning to do with commercial property.

2. What Will You do with Commercial Property?

Commercial Real Estate for Sale - Commercial Real Estate in Utah

Photo: Adobe Stock

Now, you’ll need to decide what kind of commercial property you are looking to invest in. You’ll also need to know if the building you’re investing in is going to be for your own business, if you want to rent it out, if you plan to build equity, or if you have another idea. Maybe you already have this all in mind. But the trend right now is affordable housing. It’s a priority, but it’s been a challenge to meet the demand for it in Utah. Innovation in the multi-family space may be necessary in the future to keep up with the demand. And that could be a perfect commercial real estate opportunity for you.

3. Get Your Financing in Order

Commercial Real Estate Listings - Commercial Real Estate in Utah

Photo: Adobe Stock

Finally, the interest rates are at historic lows right now, so you should look into financing your commercial real estate venture. With this in mind, a skilled commercial banker can help you understand your financial position, current market trends, and the bank products available that match your commercial real estate needs. If you’re buying a new property or if you are remodeling, you’ll want to find a banker who can customize your solutions that address the needs of your business.

Related articles: 

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.



Cougar fans - don't miss the 2022 Macey's Tailgate Parties!

Macey’s BYU Tailgate Parties 2023

Cougar fans - don't miss the 2022 Macey's Tailgate Parties with KSL NewsRadio!

27 days ago

silhouette of a family looking over a lake with a bird in the top corner flying...

Bear Lake Convention and Visitors Bureau

8 Fun Activities To Do in Bear Lake Without Getting in the Water

Bear Lake offers plenty of activities for the whole family to enjoy without having to get in the water. Catch 8 of our favorite activities.

1 month ago

Wellsville Mountains in the spring with a pond in the foreground...

Wasatch Property Management

Advantages of Renting Over Owning a Home

Renting allows you to enjoy luxury amenities and low maintenance without the long-term commitment and responsibilities of owning a home.

1 month ago

Clouds over a red rock vista in Hurricane, Utah...

Wasatch Property Management

Why Southern Utah is a Retirement Paradise

Retirement in southern Utah offers plenty of cultural and recreational opportunities. Find out all that this region has to offer.

1 month ago

Human hand holding a protest banner stop vaping message over a crowded street background....

Prosperous Utah Communities

Utah’s Battle to Protect Youth from Vaping Epidemic Faces New Threat as Proposed Rule Threatens Progress

Utah's strict standards of nicotine levels in vaping products are at risk, increasing health hazards associated with use. Read more about how you can advocate for a better future for Utah's youth.

3 months ago

Aerial photo of Bear Lake shoreline with canopies and people camped out on the beach...

Visit Bear Lake

Last-Minute Summer Vacation Planning? Check Out Bear Lake!

Bear Lake is the perfect getaway if you are last-minute summer vacation planning. Enjoy activities with your whole family at this iconic lake.

3 months ago

Ever Been Curious about Commercial Real Estate in Utah? Why Commercial Real Estate is Booming in a Pandemic and 3 Tips on How You Can Enter the Market