Things are looking up in Salt Lake City – Employment is rising and they’re showing a strong retail sector. Vacancy rates are still very high but they’re building a new convention center to bring more people into town. This recovery is very good news, because after they hosted the Winter Olympics in 2002 they suffered a big crash.
..when the skiers and skaters went home, Salt Lake City’s economy went into a tailspin. The host city was saddled with a glut of offices and hotel rooms while apartments went vacant as demand fell.
Last year, the city’s economy rebounded after two years of job losses. But the area’s office and apartment markets still struggle, and its promising retail market may be hurt by a stream of new construction.
With rents in SLC going for about 27% less than the national average this recovery is encouraging – even if Vancouver suffers a similar fate after the 2010 winter olympics it just goes to show that the economy can recover after a few years. By the year 2060 most any condo you buy in vancouver will even be cash positive!
Now thats a good investment!