Commercial Real Estate Investment Sales in Utah on Track to Eclipse 2014’s Record-Breaking Year
SALT LAKE CITY—Nov. 12, 2015—Utah commercial real estate investment sales were up more than 55 percent, according to Cushman & Wakefield | Commerce’s third quarter MarketBeat Investment Snapshot.
“Year-over-year, Utah is trending ahead of schedule by $200 million from last year’s historic growth in investment sales,” said Trigger Reital, Managing Director and Market Leader. “In 2014, this market hit its all-time investment record by topping $1.8 billion. This year is expected to be one of the top two years Utah has ever experienced.”
Despite only one transaction hitting $50 million and none exceeding $100 million, the average investment transaction size has increased over last year. Furthermore, the strongest segment was apartment sales, which had nearly $200 million in total volume in third quarter, including the sale of five properties of more than 200 units.
“Another record that has been broken this year is the combined sale of hotels, mobile-homes, storage units and assisted living facilities, which has topped $200 million,” Reital said. “This is a first for the market and is another indication of the strength and versatility of Utah investment.”
To access the full report, please visit: http://www.comre.com/uploads/reports/p1a3em95341eve9ktdnmef3hei3.pdf
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About Cushman & Wakefield | Commerce
Cushman & Wakefield | Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance, with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company, Cushman & Wakefield | NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory.
Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. Cushman & Wakefield | Commerce and Cushman & Wakefield | NorthMarq are part of the Cushman & Wakefield platform, which is the world’s largest privately-held commercial real estate services firm with 43,000 employees in over 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer, Brett White and Global President, Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.