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Commercial Office Prices in Salt Lake

Topic: Rental property

The Church of Jesus Christ of Latter-day Saints (LDS) has a prominent role in the city with the highest number of Mormon worshippers. They also contribute significantly to the economy by being one of the major employers in the city. Coming from a past glory of mining days, the city has diversified its economy to a more service oriented economy with trade, transportation and government playing a major role. The North America Delta Air Lines is another great contributor to the city's development as well. Health and educational services have also been given a boost in order to attract more people to the city. Earlier this year, Salt Lake City, Utah began to show signs of bouncing back from the economic crisis that hit the whole nation (which should help the commercial real estate market recover). The Salt Lake City office space vacancy rates have dropped to 19.8 percent in the second quarter of the year and this has everyone assuring themselves that the economic recovery has indeed started. Office space rentals are currently averaging at $17.22 to $20.64 per square foot (these rates depends on Class A, B, or C space) and these prices are expected to stabilize over the next year and expected to rise as more businesses (rent larger building units or just personal executive suites)start expanding once again. To find out how much office space your business will need to rent, check out our space needed per employee guide.

Salt Lake City Population and Local Status:

Salt Lake City, the capital and most populated city of the state of Utah is situated in the western United States (other major cities in the region include Denver, Las Vegas, and Phoenix). It is said that almost 80% of the state's residents live in Salt Lake City and the areas surrounding it. The city's population is 181,698 but the metro area has over a million residents. Salt Lake City's population growth rate is at 29.6% which is more than double of the nation's growth rate. Crime rates here are at an average of 102 crimes per one thousand residents which is fairly high if compared to other cities of its size. SLC offers a variety of office rental units including - furnished spaces, temporary and shared office space, virtual offices, and space fit for lawyers, cpas, agents, medical facilities and more.

Commercial and Downtown Growth in SLC Utah:

Places of interest in the city include the Temple Square, a significant meeting point of sorts for the activities of the LDS church. The Family History Library located to the west of the Temple Square hails as the largest genealogical library in the world. The Utah State Building is built much like the US Congress building with marble floors and a dome shaped roof top. The Liberty Park where you can see a larger number of birds in the wild and also caged is the city's largest park covering well over 100 acres. Another notable place in Salt Lake City is the Utah Olympic Park which hosts events all year round and it's perfect for winter sports training given its snow capped mountains all year round. Due to its snowy terrains, the city has world class ski resorts which are open all year round as well. Downtown Salt Lake City is where the early LDS founders set up their base and much of the area's history dates back to this fact. Downtown is made up of the Temple Square, Gateway District, Main Street and the South Temple. Main Street, now the busiest business district of the city is where the first businesses were set up by the founders of the city. It was when silver was found here that the city began to bloom with development.

by Pat Vedder

02/27/2010
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Rino
You definitely need to niofty your insurance company. The property will no longer be owner occupied they can deny a claim. You will need to get a DP3/landlord policy. Your rates WILL NOT go down because the risk is higher. No one will take care of you home the way you do. Tenants increase the risk.Also, you would Never be liable for the personal property of a tenant (except if you were completely negligent). However, as a landlord I would require your tenants to carry a renters policy simply for the Liability portion of the policy. Liability is the coverage that protects you from you tenants or your negligence. Like, if you were at your property one day to do some yard work left the hose out on the sidewalk the postman trips over it. He would probably sue you. Liability covers that. I would suggest no less than $ 300,000 per occurance. It's usually pretty inexpensive (around $ 40.00 a year) to bump it up from $ 100,000.00 to $ 300,000.00.FYI: The insurance company probably would not deny the claim but after the claim was closed they would most definitely set you up for non-renewal. That looks very bad when shopping for a new company. One of the questions will be: Have you ever been non-renewed why?Hope this helps
read more... 05/01/2012

Nerice
Unbelievable how well-written and informtaive this was.
read more... 08/10/2011

Cornelia
Knowledge wants to be free, just like these atrciels!
read more... 08/10/2011

Read all comments: 3

 

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