A Decade of growth

Market research is an important aspect of real estate.  In preparing for our Commercial Real Estate Outlook and Residential Review, we took additional time and space to outline fundamental demographic trends that will shape the intermountain region.  Some highlights:

1. In taking a regional approach (Salt Lake City to Las Vegas), we are better able to see trends moving through local markets and anticipate market changes.
2. Changes in population drive both residential housing units and commercial and industrial expansion.
3. Last decade began with an oversupply of residential units, industrial space, office space, and retail space.  Real estate construction was slow to start because of the oversupply.
4. We begin 2020 with tight real estate markets.  Residential, industrial, office, and retail markets are all tight today.
5. Construction over the next decade will outpace construction from the past decade.

 
We are excited about the long term fundamentals of our markets.  Over the next five years, population from Las Vegas to Salt Lake is projected to expand by approximately 350,000 people according to Utah and Nevada official estimates.  That expansion will require 125,000 housing units.  The corresponding commercial real estate expansion of Industrial, Office, and Retail is estimated to be 50-60 million square feet to accommodate the same population increase.  This does not include schools, universities, hospitals, hospitality, and other special use assets.  The following five years from 2026-2030 are projected to grow by nearly that amount again reaching to 600,000 new people.  To view the reports see below.
 
Download the 2020 NAI Excel | NAI Vegas Decade in Review here:
https://excelcres.com/market-research/
 
Download the 2020 ERA Brokers Consolidated Residential Review here:
https://erabrokers.com/research/