Estimated read time: 2-3 minutes
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
This is Chris Redgrave for Zions Bank Speaking on Business.
The Utah economy is strong. Our job market is nearing full recovery, oil and gas production are booming and new home construction and housing units are on the rise. This economic recovery has been going on for a couple years now, and it's showing. It's no wonder Forbes magazine has named Utah as the Best State for Business and Careers for the last three years.
The recovery can also been seen in commercial real estate. Some major players have entered the Utah market and are contributing to our economic growth. For example, Proctor and Gamble opened their first U.S. location in Northern Utah just two years ago, bringing 200 new jobs to the state. Goldman Sacs operates their second largest office in the U.S. in Utah, and it's become the No. 1 choice for people looking to move within the company.
In the last year, both Scheels and Trader Joes opened shop in Utah, two major brands strongly contributing to our state economy. Just a few months ago a brand new shopping center opened in the Lehi area, called the Outlets at Traverse Mountain. These include many of the major brands like Polo, Gap, Nike and Columbia Sportswear. They opened just in time for the holiday shopping season and made a strong showing. Not to mention, they're adding to the state's employment base.
Such positive employment growth is always good news for the commercial real estate sector. It helps on apartment and office rentals, industrial occupancy and retail sales. These are all contributors to the overall success of our state commercial real estate. Direct vacancy is at its lowest in nearly five years with average lease rates rising to pre-recession levels. Landlords are getting aggressive to help fill their vacancies and retailers are responding by expanding and opening multiple locations.
Ground was also broken on a new development adjacent to the Layton FrontRunner stop, which involves rental units and a commercial element. Your company has real estate needs, and Zions Bank has the necessary programs to help. Ask about our real estate full-service offerings.
For Zions Bank, I'm Chris Redgrave, speaking on business.
