Northern Utah Is Seeing A Commercial Real Estate Boom
Northern Utah’s employment growth is outpacing the rest of Utah as well as most of the country, and it is well-positioned as a key emerging market. Nationally recognized projects coupled with a dynamic workforce help strategically position this area for further success.
What makes this area so unique? How is Northern Utah poised for even greater growth?
When the 550-acre Falcon Hill National Research Park launched nearly a decade ago, few comprehended the long-term impact it would have on reshaping the communities surrounding Hill Air Force Base and beyond. Thanks to the powerful development partnership of Woodbury Corporation and Hunt Companies, yet another groundbreaking recently occurred on a new 220,000 square-foot facility for the Northrop Grumman Roy Innovation Center.
This new structure under construction is the first building in a development that will bring the headquarters for Northrop’s work supporting the Department of Defense’s Ground-Based Strategic Deterrent program, with 2,500 new jobs projected. The program is reported to be costing more than $60 billion, with Utah standing to benefit for decades to come.
Another development that continues to redefine the landscape in Northern Utah, while also continuing to be the model for upscale mixed-use and transit-oriented development nationally, is Station Park in Farmington. As evidence, multinational consumer electronics retailer Best Buy just opened its first new US store in seven years at Station Park, committing to 36,000 square feet.
Others have followed suit and recently selected the location―including Barnes & Noble, REI, and PF Changs―which is an extraordinary achievement in a global retail market grappling with significant change. When visionary developer, CenterCal Properties entered Utah, it was noteworthy that they chose this location, which has set a new standard for the community and continues to be a center of gravity.
Although the government and aerospace sector is a major economic driver and accounts for the largest pool of workers, other industries including outdoor recreation and manufacturing have identified this market as a destination for growth. Enjoying access to an abundance of talent, companies are wisely taking advantage of this extraordinary geographic and demographic area.
The Governor’s Office of Economic Development recently announced that global sporting goods company, Amer Sports will be expanding with plans to add up to 110 additional jobs. The Helsinki, Finland-based company operates subsidiaries such as Salomon, Wilson, Atomic, Peak Performance, ENVE, and Precor, and continues to see Northern Utah as key to its operations. Global players like Amer not only see Utah’s inspiring mountain backdrop as ideal for growth but also the unparalleled workforce to fuel growth.
At the recent “Due North” Commercial Real Estate Symposium hosted by Colliers International, business leaders highlighted the numerous positive trends. As Utah’s economy continues to set an example both nationally and globally, Northern Utah offers a remarkable environment for business and economic development.
Brandon Fugal is chairman of Colliers International | Utah and currently serves on the Governor’s Economic Council.