REBusinessOnline

As Metro Space is Absorbed, Retailers Look Toward the Suburbs

National retailers have slowed their progress into the market now that City Creek and Fashion Place Mall have completed the majority of their renovations. The discount segment continues to expand in infill locations along the Wasatch Front. Ross, TJ Maxx and Marshalls continue to lead the charge in this category, with Rue 21 and Dress Barn as the larger tenants. Rural areas are the new frontier within the State of Utah. Many small communities are riding the wave of the energy boom, from …

Salt Lake's Industrial Market Shows Signs of Strength

Much like the economy in general, commercial real estate has experienced its share of ups and downs over the past 10 years. However, the strength of Utah’s economy, established infrastructure and strategic regional location are sustaining the Salt Lake industrial market and securing its position as one of the most resilient in the nation. For three consecutive years, Utah has been ranked as the “Best State for Business” by Forbes magazine. It was also recently designated as …

Landlords are Gaining the Upper Hand as Tech Companies Eye Utah

The demand for quality office space in Salt Lake City is higher than ever. According to Forbes, Utah’s economy continues to lead the nation, and more employers are looking to expand into the Salt Lake market. Large companies like eBay, Adobe and Boeing are setting up shop along the Wasatch Front, and more corporations will be coming soon. Several new Salt Lake office projects are in the planning stages, while others have already broken ground. With lower vacancy rates in Class A and B …

Salt Lake City Remains a Hotbed for Activity from Technology Companies

The Salt Lake office market will hopefully continue to improve throughout the next year. At the end of the third quarter, overall direct vacancy rates were 13.6 percent, down from the 14.9 percent rate recorded this time last year. Overall asking lease rates for the same period have also seen a slight increase of 41 cents per square foot to the now average asking lease rate of $19.92 per square foot, per year, full service. Although a healthy appetite for Class A office space has dropped …

Strong Job and Population Growth Cause Rent Increases for Multifamily Units

The Greater Salt Lake City multifamily market has continued to strengthen during 2012. Vacancy rates have steadily improved, dropping from 5.3 percent in January 2012 down to 4.2 percent in the third quarter of 2012. With the market vacancy tightening, average rent growth was 3.6 percent from mid-year 2011 to mid-year 2012. The average rent per unit is now at an all-time high of $802 per unit -- eclipsing the average rental price of $771 per unit in early 2008. Many factors contributed to …

Several large developments spur multifamily recovery.

Salt Lake City is progressing through a healthy apartment sector recovery as large developments near completion and major employers ramp up hiring efforts. The opening of the 700,000-square-foot City Creek Center in Downtown Salt Lake City brings upscale retailers such as Nordstrom, Tiffany & Co. and Brooks Brothers to the state, generating a number of retail jobs. More than 4,000 positions are expected to be added in 2012 in the trade, transportation and utilities sectors, which includes …

Forecast for 2012.

Salt Lake City’s retail market will post modest occupancy growth through year’s end, though performance will vary considerably by location, as weak housing conditions weigh heavily on parts of the metro. For example, many shopping centers in the Midvale/Sandy/Southeast, Southwest and Weber and Davis counties submarkets, which were home to significant residential and retail construction during the housing boom, will post vacancy in the mid-teens this year. While weakness will …

Multifamily market remains strong.

The apartment market in the Greater Salt Lake area continues to be strong and vibrant. The past two quarters of 2011 demonstrated an upward pressure on rents. Overall occupancy is at 94.9 percent, up from 93 percent in 2010. Vacancy presently hovers around 5 percent and appears as though it will remain so, which is evidence of a tight rental market. These signs enable managers/owners to increase rental rates and drop concession offerings with exception to newly constructed projects during …

Market less volatile than other Western retail markets

The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo, now boasting a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the …

SLC's steady growth.

The fast-growing Salt Lake City metropolitan area, also known as the Wasatch Front, stretches about 40 miles north of downtown Salt Lake City to Ogden and about 40 miles south to Provo. The area now boasts a population of about 2.1 million — or about 75 percent of the state’s population. Highly favorable demographics continue to lure top-quality retailers, restaurants and shopping centers to the region, which enjoys one of the largest average family sizes in the country (3.6), the …

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