Newmark Grubb ACRES is pleased to announce the release of the 2017 Yearend Market Report.
The report provides an in-depth analysis of real estate trends in Utah, details the commercial real estate market and offers a concise up-to-date review. Newmark professionals studied the information to establish opinions and develop forecasts about trends and market activity.
Commercial real estate had a record-breaking year in 2017. In Salt Lake County, industrial direct vacancy is at historic lows and net absorption reached 5.4 million square feet, both new records. Investment sale transaction dollar volume broke $2.0 billion in Utah for the first time in history with multifamily product leading the way at 39% of the total. Land sale transaction dollar volume and transaction acreage in Salt Lake County both reached heights not seen since before the Great Recession; industrial land sales led the way, accounting for 53% of the total dollar volume and 78% of the transaction acreage.
The office market in both Salt Lake County and the Tech Corridor saw direct vacancy up slightly mainly due to new construction that was delivered without full tenancy. Along the Wasatch Front, the retail market remained stable; lease rates rose 2.43% and owner-user sales price PSF rose 2.31%.