Salt Lake City, UT, May 23, 2008 --(PR.com
)-- Wasatch Front Commercial and Investment Properties recently began publishing a bi-monthly commercial real estate magazine. The aim is to help brokers better promote their inventory despite a declining commercial real estate market.
The credit crunch that has caused so many problems in the residential real estate market is finally being felt in the commercial real estate market. First quarter 2008 new commercial construction starts are off by 22% compared to the same time last year. The residential market is off by more than 50% in many markets with Utah and other western states among the hardest hit.
According to Travis Barrington, editor of WasatchFrontCommercial.com, agents are seeing office and retail inventory remain vacant longer and speculative construction has all but vanished. He expects to see more of the same for the remainder of the year with many large projects already under construction adding additional square footage to the market in the coming months.
In Salt Lake City, the LDS church has demolished over 500,000 square feet of downtown office space to make way for a large billion-dollar mixed use development. At the same time Hamilton Partners has begun construction on the first new office tower in downtown Salt Lake in ten years despite the sagging economy.
Office, retail and industrial vacanices are featured in Wasatch Front Commercial's new listings magazine. The magazine offers brokers an affordable, full-color publication to help promote their properties to other brokers, real estate professionals and top business executives by direct mail and on the web.