Building Utah

This is Derek Miller, Speaking on Business. As the world’s largest commercial real estate services organization, CBRE is acutely aware of the importance that timely and accurate data plays into client’s decision-making power, particularly during times of economic uncertainty. CBRE’s Research Manager Sierra Hoffer shares more. SIERRA HOFFER: Recent headlines—particularly about financial markets—have raised alarms. However, despite current headwinds, Utah’s commercial real estate market—which has direct ties to economic performance—has been relatively insulated from the recent bank failures. To highlight specifics, office vacancy reached an all-time high in 2022. This was driven in part by an increase in sublease availability, as companies continue to scale back their office footprints. Tech tenants and call centers were the most common sublessors. Within Utah’s industrial market, 2022 marked the highest year on record for new deliveries, and this is a good thing, as industrial demand is strong. Even with