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How has Covid-19 Affected the Utah Commercial Real Estate Market?
The COVID-19 pandemic has upended commercial real estate in salt lake city, utah as well as most cities across the country, but the change is bringing about opportunities to bounce back.
August 13, 2020
Back in January and February of 2020 the commercial real estate forecast was much different in Salt Lake City than it is now. With the COVID-19 pandemic and it’s impact on the economy and with the upcoming 2020 presidential election, the state and national economy is uncertain at best.
Thousands of businesses have been forced to adapt to employees working from home as well as to new health department guidelines on how they can safely operate. Needless to say, business owners are being forced to make big changes. Suddenly business owners don’t need their space, or they need a different type of space which has created a big shift in commercial real estate in Utah. Larger factors such as diminished travel, diminished demand, or shift in demand, for retail products and a huge uptick in shop-from home are having a huge impact on retail and industrial commercial real estate in Utah and around the country.
Read more about the how the COVID-19 pandemic has seemingly upended commercial real estate, and how market sectors have opportunities to bounce back amid the difficult forecasts.