Salt Lake County Sees Job Growth of 3.7% in Q3 2018 -- the Highest in the Nation SALT LAKE CITY, UT -- October 23, 2018 -- Ranked sixth nationally for economic opportunity, Salt Lake County maintained its precedent of outperforming the U.S. economy through Q3 2018. Year-over-year, the county saw unemployment dwindle from 3.4% to 3.0% - a 40-basis point (bsp) drop. Meanwhile, Salt Lake County saw total employment climb to 740,000 while Utah, as a whole, saw job growth of 3.7% during the last year – the highest such rate in the nation. Most notably, according to Cushman and Wakefield Research Analyst, Culum Mills, vacancy dipped by more than half year-over-year, down more than 340 bps; a strong indication of the exorbitant demand for the county’s industrial product. Net absorption was very strong for the quarter with multiple leased deliveries driving absorption up to 2.7 million square feet [...]
October 18, 2018 A Tale of the Property Markets: Banner Year for Industrial, While Retail Lives On The growth trajectory of the U.S. economy is expected to moderate somewhat in 2019, as some of the effects of tax cuts start to fade and the higher interest rate environment begins to dampen activity in certain sectors. In the third quarter, the technology sector remained the key source of demand in U.S. office markets accounting for nearly 27% of the top leases. Consumer spending and retail sales were positive, and eCommerce even more so. Online sales are forecast to grow by double-digits throughout the next three years. Despite concerns over trade policy, the primary drivers of industrial leasing continue to exhibit strength. Cushman & Wakefield Americas Head of Research, Revathi Greenwood, provides insights and glances of Office, Industrial and Shopping Center data. Access the report at: http://www.cushmanwakefield.com/en/research-and-insight/2018/us-q3-2018-marketbeat To learn more, visit Cushman [...]
If you didn't have a chance to review the Q3 2018 Cushman & Wakefield Q3 research report, click the link below. http://www.cushmanwakefield.com/en/research-and-insight/unitedstates/salt-lake-city-office-snapshot
Tech Cities 2.0 Highlights the Tech Industry’s Critical Impact on Commercial Real Estate in Salt Lake City and Provo-Orem Areas
Salt Lake City, September 27, 2018 – Cushman & Wakefield today released Tech Cities 2.0 an annual report that identifies existing and emerging tech centers increasingly driving the North American economy and details their impact on the commercial real estate sector. “Over the past few decades, Utah and in particular Salt Lake City and Provo-Orem areas have been at the heart of technological innovation,” said Dan Broderick, Regional Managing Principal, Arizona, Colorado, Mexico, Nevada, San Diego and Utah. “The new Tech Cities 2.0 report validates that the Utah economic stability and growth is due in no small part to the many tech companies have been established in Utah as well as the many global brands that are choosing to lease additional office space in Salt Lake City and in the Provo-Orem area.” A follow-up from last year’s inaugural Tech Cities 1.0 report, this year’s research reviewed all major North American markets, [...]
SALT LAKE CITY—Jan. 31, 2017—Cushman & Wakefield today announced that the 170 South Main Building is currently undergoing major common area renovations in preparation for a grand re-opening in the first quarter of 2018. Cushman & Wakefield manages the building and is responsible for representing the leasing as well. “One of the first things that tenants and visitors to the building will notice is that the lobby has gone through an extensive remodel and lobby reconfiguration,” said Dana Baird, CCIM, Executive Director at Cushman & Wakefield. “A new restaurant, Bagels and Greens recently opened its doors to rave reviews and soon the building will also have a newly-renovated premier fitness center, which will be available to all tenants. These are only some of the additions to what is already an incredible office building located in the heart of downtown Salt Lake City.” Cushman & Wakefield is one of the tenants [...]
Major renovations and upgrades highlight high-demand Class-A downtown office property SALT LAKE CITY—Jan. 26, 2018—Cushman & Wakefield today announced that Unico Properties, the new owners of 250 Tower, located at 250 East 200 South in Salt Lake City will soon be featured as a prime property in the downtown market following some renovations and upgrades. Cushman & Wakefield has been assigned both the property management and the leasing of the building. “The 250 Tower has never been a for-lease building. It was formerly a single-tenant, owner-occupied building and as such is newly available to the market,” said Dana Baird, CCIM, Executive Director at Cushman & Wakefield. “There is 100,000 square feet of availability in this property, including the top two floors that will come with the option for signage.” Baird added, downtown Salt Lake City remains a critical business hub for the region and the building owner’s commitment to [...]
SALT LAKE CITY, Utah – October 23, 2017 – The apartment market in Utah County is as strong as ever according to new research from Cushman & Wakefield. The current vacancy rate is 4.2 percent, reflecting high demand, which will continue well into next year. “With the fastest growing population along the Wasatch Front, the demand for housing in Utah County is incredibly strong,” said Kip Paul Executive Director, Investment Sales at Cushman & Wakefield. “The housing market, including apartments will experience significant pressure in terms of inventory and prices going forward. Even with 20 new apartment communities totaling 3,915 units having been proposed in Utah County for the next two years, demand is so high, there is no sign of oversupply in the foreseeable future. Property investment, particularly in this space, is a highly attractive prospect for developers and buyers.” Utah County has nine apartment communities totaling 1,685 units under [...]
SALT LAKE CITY, Sept. 12, 2017 — According to new research from Cushman & Wakefield Commerce, the apartment market in the Salt Lake City area is currently at historic levels. Mid-year figures show the vacancy rate is 2.6 percent, which is the lowest ever reported. “For the third consecutive year, the apartment communities in the Salt Lake Area are considered fully occupied,” said Kip Paul Executive Director, Investment Sales at Cushman & Wakefield. “This low vacancy is fueling a record-breaking level of construction of new apartment buildings. This begs the question of whether the market is over-building. The data shows that even with previously unmatched levels of development, the demand is such that there is no sign of oversupply in the foreseeable future and property investment, particularly in midsize communities is particularly attractive to buyers.” Paul said midsize apartment communities (100-250 units), for the first time in recent history, are driving [...]
Cushman & Wakefield closes acquisition of partner firms in Minneapolis, Seattle, Salt Lake City, and Las Vegas markets
200 brokers, 50 million sf of managed properties, 750 employees join Cushman & Wakefield CHICAGO, September 5, 2017 – Cushman & Wakefield today announced it completed its acquisition of Cushman & Wakefield NorthMarq (CWN) in Minnesota and Cushman & Wakefield Commerce (CWC) operations in Nevada, Utah and Washington. Collectively, Cushman & Wakefield NorthMarq and Cushman & Wakefield Commerce employ 750 employees and manage almost 50 million square feet of real estate across 10 offices and have 200 brokers. “These are great markets with a solid operations, top people, and strong leadership. Together we are affirming our commitment to deliver our clients the best strategic advice and platform of services,” said Tod Lickerman, Chief Executive Americas, Cushman & Wakefield.
Read the full press release here.