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: