REBusinessOnline

SLC Experiences Office Market ‘Imbalance’

Increased activity and record amounts of positive net absorption created a new commercial landscape across the Wasatch Front. The majority of 2016 leasing activity was a result of tenants occupying new space that was pre-leased during 2015. While sublease availability increased over each quarter, overall market indicators like local population growth and continued economic development will remain strong into 2017. The Salt Lake County office market grew by an additional 1.7 million square feet …

New Entrants and Local Developers Enjoy SLC’s Industrial Market

With nearly 3 million square feet of industrial space under construction, and climbing lease rates averaging $5.64 per square foot, it is safe to say the industrial market along Utah’s Wasatch Front is alive and well. The primary Salt Lake County market reports an overall industrial vacancy level of 5.08 percent. In the fast-growing Utah County submarket that’s just south of Salt Lake City, the vacancy rate is 3.44 percent. This is in line with the pre-recession levels experienced in the …

Continued Optimism, Growth Leads Salt Lake City’s Industrial Market

[caption id="attachment_130984" align="alignright" width="150"] Jim Sheldon, Newmark Grub ACRES[/caption] Utah’s industrial real estate market shines while validating real estate fundamentals. Tight supply and consistent demand are contributing to rising sales prices and lease rates. The lack of options – with vacancy at 3.79 percent – presents a bottleneck to Utah’s economic growth. An underlying trend is the tenant’s flight to quality. Users are demanding high function in …

Grocery Tenants Drive SLC’s Retail Market

[caption id="attachment_130529" align="alignright" width="150"] Nick Clark, Cushman & Wakefield | Commerce[/caption] The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the …

Grocery Tenants Drive SLC’s Retail Market

[caption id="attachment_127736" align="alignright" width="150"] Nick Clark, Cushman & Wakefield | Commerce[/caption] The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the …

The Family Center at Taylorsville Receives $45M in Financing

SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The …

Midtown360 Apartment Development in Orem Receives $56.5M in Financing

OREM, UTAH – Midtown360, a 594-unit multifamily development in Orem, has received a $56.5-million senior loan. The loan will finance the acquisition, development and stabilization of the project. The community will be located at 320 South State Street, just 40 miles south of Salt Lake City. It is situated in a very student-dense area, with about 70,000 college students residing in Orem and Provo. Phase I of Midtown360 will include 286 units in two mid-rise towers, in addition to 50,000 …

Salt Lake City Retail: Strong and Getting Stronger

Retail business continues to be solid in greater Salt Lake City. Total net absorption in all retail categories doubled, when compared to 2012. High-end retail in regional centers saw a 20 percent increase in rents to $24.50 per square foot. Retail inventory increased to a little more than 1 million square feet in 2013 as well. Significant growth areas include new retail in the eclectic Sugarhouse area, the southwest portion of Salt Lake County and the 5600 West corridor. New …

Construction, Demand Grow in SLC'S Industrial Base

Momentum in the industrial market has remained strong for the past three years. This momentum should continue through 2014. Total market activity for 2013 generally remained on par with a record-setting year from 2012, but the makeup of that activity changed significantly. On a square footage basis, leasing activity decreased by 25.6 percent, while user-sale activity increased by 117.3 percent. Much of the increase in user-sale activity can be attributed to Boeing’s acquisition of …

Tech Jobs Spur Multifamily Development

Technology growth in the southern portion of the Salt Lake Valley is prompting additional development of multifamily properties. A new Adobe campus in Lehi, located between Utah’s major employment areas, has led to further technology sector investment in this region. The company expansions and job creation that is occurring in Lehi is certainly driving the need for new housing. In Bluffdale, located about 20 miles south of Salt Lake City, several hundred acres are being developed into …

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