Salt Lake City Ranks #20 (Tied with Chicago) Among Americas Metros, as Secondary Markets Become Increasingly Favored

Salt Lake City, Utah – April 20, 2021 — A recent survey of commercial real estate investors ranked Salt Lake City as a top 20 target among Americas metros. Salt Lake City tied with Chicago for the #20 spot in CBRE’s 2021 Americas Investor Intentions Survey. This is the first time Salt Lake City has appeared on the list since 2016, when the metro was ranked #24.

The survey found that more investors are prioritizing secondary markets in 2021 (as opposed to gateway markets), particularly those with strong job and population growth prospects, which can translate into greater potential for both equity and income growth. Sun Belt markets are the most appealing: Austin is the top preferred market, followed by Dallas.

The survey findings also reveal the sustained appeal of tech-driven markets. Austin, Denver, San Francisco, and Seattle ranked among the top 10 markets for the sixth straight year.

“Strong economic fundamentals driving rent growth are the number one factor for market preference in 2021,” said Chris Ludeman, Global President of Capital Markets for CBRE. “The metros most favored by investors this year were buoyed by proven labor market resilience during the pandemic and a steady growth outlook. Remote working has also boosted labor migration to relatively low-cost markets with well-developed suburbs.”

Key Findings from the 2021 Survey:

  • In a clear sign that risk tolerance is growing, 30% of investors say they are targeting opportunistic and distressed assets in 2021—this is a record level and compares with 16% in 2020.
  • For the first time in the seven-year history of the CBRE survey, large investors (those with assets under management of more than $50 billion) are more interested in secondary markets than primary markets.
  • Pricing will be aggressive for logistics and multifamily assets in 2021, while discounts will be expected for other asset types.
  • Investors are expanding the types of properties on their shopping list, with 72% of respondents actively pursuing investment in one or more real estate alternatives in 2021, up from 54% in 2020. Life science labs, medical offices and single-family rentals are the most popular targets, followed closely by data centers and cold-storage facilities.
  • More than half of survey respondents have adopted environmental, social and governance criteria (ESG) as part of their investment strategy.


About CBRE Group, Inc.

CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at