Altabanking episode 24, with Ryan Jones
Ryan Jones – Altabanking Interview KSL Radio Transcript:
Segment title: Trends in Utah’s Commercial Real Estate Market
GRANT: Welcome to Altabanking. Weekly business talk geared toward elevating your financial future. Ryan Jones is the chief lending officer at Altabank. And Ryan, businesses are facing uncertain times and are going through many changes right now, what does that mean for the commercial real estate market?
RYAN: That is a great question. There are a few major trends to follow in the commercial real estate market. The shift from in-person shopping to online shopping has been occurring for several years but the COVID-19 pandemic has accelerated the shift. In addition, the pandemic is causing us to consider issues such as working from home and physical distancing as part of a commercial real estate strategy. While these issues have put a strain on retail and office space, they have increased demand for warehouse space. Affordable housing continues to be a priority and meeting demand is a challenge in our state. Current trends may lead to innovation in the multi-family space to properly supply this product. These changes will force companies to think strategically about their real estate needs to ensure optimal decisions in the current business environment
GRANT: With that being said, is now an opportunity for businesses to invest in new commercial space or improve their current space?
RYAN: Possibly. Turbulent financial markets often create good buying opportunities for those with access to capital. Also, interest rates are at historic lows. Some industries are booming right now and are looking for new space. Companies may need additional space to accommodate appropriate physical distancing as the pandemic endures. This could be a great time for businesses to move or remodel space.
GRANT: How can your bank help you address your commercial real estate needs?
RYAN: A skilled commercial banker can help you understand your financial position, current market trends, and the bank products available to address your commercial real estate needs. Whether you’re buying new or remodeling, find a banker who can customize solutions that address the needs of your business.
GRANT: Well thank you, Ryan. This has been Altabanking. Brought to you by Altabank. Member FDIC.