Trading Up

Since the average office lease lasts for five years, companies are routinely faced with examining their needs and deciding if a change in scenery is their best option. In many cases, it turns out to be a key that opens the door for a prosperous future.

“Getting into a new building provides you future expansion room and accommodates future success for a company,” Balderson says.

With plenty of new office space opening up at City Creek Center and other mixed-use developments on the horizon, corporate relocation could just be getting warmed up. The demand for high-quality office space is increasing, and transit-oriented developments could influence companies to get into a good spot now ahead of an expected population boom along the Wasatch Front that will transform transportation access into a valuable commodity.

Don’t expect the surge to be limited to Utah-based companies either. Businesses from other markets are already staking a claim in the commercial real estate gold rush.

“Utah is a really hot spot for corporate relocations or corporate expansions from other markets,” Balderson says. “A lot of companies are opening offices in Utah for a lot of reasons. And they’re all the reasons Utah is good: good workforce, low cost of living, great recreation, great lifestyle, great tax incentives from the government.”