2017 Outlook for Southern Utah Released

St. George, Utah – NAI Excel has published its 2017 commercial real estate Outlook for Southern Utah.   Coupled with the strongest population growth in over a decade, over 150 significant projects and new businesses are under construction or announced for 2017.  The area is experiencing strong expansion in commercial markets with vacancy rates decreasing and lease rates increasing across all sectors.

According to the report, industrial, office and multi-family construction are lagging relative to retail, hospitality, medical and education sectors.  Curren Christian commented, “This is the hottest market we’ve seen in 10 years.  It is becoming more difficult to find good locations in the St. George area”.

Wes Davis added, “While the number of projects is a new record for our market, we still badly need new multi-family and industrial developments to meet existing demands”.

Hotels in the area have taken off according to Greg Whitehead, “There are currently 10 hotels under construction bringing over 700 new rooms to the area.  2017 appears to be the strongest in history for new hospitality construction, with a third of new rooms anchored in Springdale alone”, he said.

“With regard to industrial leasing, it is as bad as 2006 where there is no space available to speak of and inventory disappears the moment it hits the market”, reflected Jason Griffith.

Included in NAI’s Report is an area activity map detailing various projects that are announced, under construction, or completed in this year.  Jon Walter said, “We designed the Area Activity Map in the report to help our clients and the community really grasp the extent of real estate expansion in Southern Utah.”

Since 2001, NAI has provided research, news, and trends for the office, retail, industrial, multi-family, and hospitality markets in Washington and Iron Counties.  NAI’s research is unrivaled in the marketplace and consistently relied on by investors, banks, government, and other decision makers for accurate and timely information.

For a complete copy of the report, please visit: www.naiexcel.com

About NAI Excel

Based in St. George, NAI Excel is the largest commercial real estate brokerage between Las Vegas and the Wasatch Front. Our agents are licensed in Utah, Idaho, Nevada, and have experience transacting in both urban and rural markets. NAI Excel is a part of the NAI Global network consisting of over 375 offices with more than 6,700 professionals covering nearly every major market nationally and across the globe.

NAI Excel is a subsidiary of Brokers Holdings, LLC. Brokers Holdings owns and operates both residential and commercial brokerages in Southern Utah and Southern Nevada. It operates its residential brokerages under the ERA Brokers Consolidated brand and is licensed in Utah, Nevada, and Arizona. It operates its commercial brokerages under the NAI Excel brand and is licensed in Utah, Nevada, Idaho. With over 300 agents and staff, Brokers Holdings closed over 3,000 transactions worth nearly $1 billion in value in 2015 and manages more than $250 million of assets for its clients.