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While some businesses are shuttering because of the pandemic, other businesses that have built-in abilities to satisfy people working from home and social distancing are actually booming. To those who might be interested in commercial real estate, now could be a perfect time to get into it. Here are 3 tips for moving into commercial real estate in Utah.
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In recent years there has been a huge shift from in-person shopping to online shopping. And now the COVID-19 pandemic has made the transition more drastic. Retail and office spaces are being challenged with limited in-person contact. But warehouse spaces are becoming more in demand. There are benefits and disadvantages of getting into the commercial real estate market in Utah. Unstable financial markets can create great real estate opportunities for people who are in a good spot financially. If it sounds like the right time, next you have to decide what you are planning to do with commercial property.
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Now, you’ll need to decide what kind of commercial property you are looking to invest in. You’ll also need to know if the building you’re investing in is going to be for your own business, if you want to rent it out, if you plan to build equity, or if you have another idea. Maybe you already have this all in mind. But the trend right now is affordable housing. It’s a priority, but it’s been a challenge to meet the demand for it in Utah. Innovation in the multi-family space may be necessary in the future to keep up with the demand. And that could be a perfect commercial real estate opportunity for you.
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Finally, the interest rates are at historic lows right now, so you should look into financing your commercial real estate venture. With this in mind, a skilled commercial banker can help you understand your financial position, current market trends, and the bank products available that match your commercial real estate needs. If you’re buying a new property or if you are remodeling, you’ll want to find a banker who can customize your solutions that address the needs of your business.
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