May 4, 2012

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Article

Utah County Real Estate Market Report

Press Release

May 4, 2012

A highlight from the newly released 1st Quarter 2012 Utah County Market Report from Commerce Real Estate Solutions signals a modest improvement in vacancy across the board in all market categories from year end 2011 through Q1 2012.

Commerce also communicated a caution to developers of office space to not over build, which will cause rates to fall again. This is considering the popularity of Class A office space despite new construction bringing more to the market.

Other indicators are tepid, according to the report: Retail rates are indicating they may be ready to rise but have not gathered the vacancy pressure necessary to start. Industrial land values are showing they may have potential this year, but it is too soon to tell as bargain lease rates continue to sit at under $0.30. Sublease activity does not show much activity. Vacancy rates remain largely unchanged.

Notable first quarter transactions in Utah County include:

  • Concrete Production Plant in Pleasant Grove (22,400 sf)
  • Riverwoods Office Park in Provo (20,549 sf)
  • All Star Auto Plaza in Pleasant Grove (17,100 sf)
  • Wasatch Point Warehouse in Lindon (12,000 sf)
  • Pinehurst Office in Orem (6,867 sf)

For complete report visit:

http://www.comre.com/reports/2012Reports/Utah/UtahCounty_1Q12.pdf">http://www.comre.com/reports/2012Reports/Utah/UtahCounty_1Q12.pdf

(5.4.12)

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