NAR: Utah City Ranks Highest in U.S. for Commercial Real Estate Demand
St. George, UT ranks as the No.1 overall metro area for demand, according to the National Association of Realtors’ (NAR) inaugural Commercial Real Estate (CRE) Demand Index. The Utah city posted an overall score of 128, with multifamily as the strongest driver.
The newly introduced quarterly index of 306 U.S. metro areas measures where demand is building across office, industrial, retail and multifamily sectors. Rather than measuring current property-market conditions such as vacancy rates, rents or leasing activity, the index focuses on local economic conditions that can generate demand for commercial space and provides an early view of market trends before they are reflected in traditional commercial real estate indicators such as leasing activity and vacancy rates, according to NAR.
“Commercial real estate demand begins with what’s happening in the local economy,” said Nadia Evangelou, principal economist & director of real estate research at NAR. “Demand starts before a lease is signed. It starts with jobs and people. The CRE Demand Index helps identify those trends earlier, before they’re reflected in traditional market indicators.”
According to the index, South Carolina ranks as the nation’s strongest state for CRE demand, reflecting continued momentum across the Carolinas. Accordingly, Raleigh, NC ranks highest among the 50 largest metro areas with a score of 121.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout