ST. GEORGE, Utah — The St. George metro has taken the top spot in a new national ranking designed to show where future demand for commercial space may be building.
The National Association of Realtors ranked St. George No. 1 among 306 metropolitan areas in its Commercial Real Estate Demand Index for the second quarter of 2026. The metro earned a score of 128, well above the index average of 100.
What the ranking actually measures
The index is a forward looking measure of the economic conditions that can create demand for offices, shops, warehouses and apartments. It focuses on employment, population and migration data rather than on the current performance of individual properties.
NAR compares each metro with the other markets in the index during the same quarter. A score of 100 represents the average metro. Scores above 100 indicate stronger demand drivers relative to the rest of the field.
The index does not measure vacancy rates, rents, leasing activity, absorption, sales volume or property values. A No. 1 ranking signals unusually strong economic momentum, not a guarantee that every commercial property type is already outperforming.
Why St. George reached No. 1
NAR says St. George posted the strongest growth in office related employment in the country. That measure is based on growth in professional and business services jobs.
The metro also benefited from some of the nation’s fastest population growth and movement into the area. Those trends support the multifamily side of the index, while above average industrial demand added another source of strength.
That mix matters. NAR’s analysis says the leading markets are performing well across more than one commercial sector. St. George’s result was not described as a story driven by only one employer, industry or property type.
Office
Growth in professional and business services employment.
Industrial
Growth in manufacturing, transportation and warehousing employment.
Retail
Growth in retail trade, leisure and hospitality employment.
Multifamily
Population growth and domestic and international migration.
How the score is built
The overall index gives 22 percent of its weight to office demand, 28 percent to industrial demand, 22 percent to retail demand and 28 percent to multifamily demand. Employment figures come from the Bureau of Labor Statistics, while population and migration figures come from the Census Bureau.
NAR rescales the final results so that 100 equals the average metro. Every 15 points represents one standard deviation, which places St. George’s 128 score substantially above the typical market in the second quarter comparison.
What growth could mean locally
The ranking gives national visibility to a conversation Southern Utah residents already know well. Growth can create room for new employers, neighborhood services, professional offices, restaurants, stores, housing and industrial investment. It can also increase pressure on roads, utilities, workforce housing and the qualities that make the region attractive in the first place.
The index does not predict which project will succeed or how quickly new space will be absorbed. It does suggest that the economic ingredients behind future commercial demand are stronger in St. George than in any other metro included in this quarter’s comparison.
Community question
What kind of business or service does Greater St. George need most as the area grows?
Source: National Association of Realtors, Commercial Real Estate Demand Index, second quarter of 2026. Review the NAR research and methodology.
The lead image is an illustration and should not be interpreted as a documentary photograph of current development.
