Salt Lake City witnesses improved occupancy rates

Salt Lake City's housing situation is improving.

The housing situation in Salt Lake City is improving more quickly than any other metropolitan statistical area in the country, and this is being helped by fast-growing employment, according to Multi-Housing News.

At the start of the year, the city's unemployment rate was 6.5 percent, which was an improvement from the previous year's figure of 6.9 percent. Improvements in the employment situation were partially due to tax incentives from the government, as well as large corporations such as IM Flash Technologies and eBay moving into the area, the news source explained.

Furthermore, this has improved vacancy levels in the city, which may be good news for commercial property managers. At the start of 2012, the total vacancy rate was 5.1 percent, which was a significant drop from the previous year's figure of 5.7 percent, according to the news source. This is expected to fall further to approximately 4 percent by 2013.

The news source added that the continued success in job growth may be due to not only tax breaks, but a low overall corporate tax, as well as energy costs that are more than 30 percent lower than the national average.

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