SALT LAKE CITY, UT--(Marketwired - Nov 24, 2015) - According to the Cushman & Wakefield/Commerce third quarter MarketBeat Retail Snapshot, the outlook for the retail industry in Salt Lake remained strong, with lease rates moving higher as new product becomes available.
"Utah has one of the strongest residential construction and job growth rates in the nation," said Trigger Reital, managing director and market leader of Cushman & Wakefield/Commerce's Salt Lake City office. "It's these types of solid fundamentals, combined with historically stable organic growth, that are powering the strong retail market in Utah today and into the coming year."
Year-to-date the retail market absorbed 268,511 square feet of space with the majority occurring in new centers. Overall vacancy was 6.4 percent at the close of third quarter. This rate is expected to remain near current levels as several new construction projects keep pace with absorption. One new project of note is the ambitious CenterCal development in the south west corner of Salt Lake County at the Mountain View Corridor, which will be a lifestyle center similar to Station Park in Farmington.
The South Towne Mall is also undergoing renovations with new rustic modern designs. A new anchor is expected to be announced shortly. Fashion Place Mall is also adding 50,000 sf at the center's north end and Macy's will be returning to the mall in their more traditional larger format.
Utah has shown itself to be one of the top states in the country for job growth year after year after year.
To access the full report, please visit: http://www.comre.com/uploads/reports/p1a496dkfl4efta5137p3tf1ffq3.pdf.
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About Cushman & Wakefield/Commerce
Cushman & Wakefield/Commerce, headquartered in Salt Lake City, Utah is an independently owned and operated member of the Cushman & Wakefield Alliance, with offices throughout Utah, Nevada, Washington and Idaho. The firm partners with its sister company, Cushman & Wakefield/NorthMarq to provide innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory.
Together the firms manage more than 52 million sq. ft. of retail, industrial, and office assets, have annual revenues of more than $100 million, and employ more than 750 professionals. Learn more at www.comre.com; www.cushwakenm.com. Cushman & Wakefield/Commerce and Cushman & Wakefield/NorthMarq are part of the Cushman & Wakefield platform, which is the world's largest privately-held commercial real estate services firm with 43,000 employees in over 60 countries globally. www.cushmanwakefield.com.
About Cushman & Wakefield
The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by Chairman & Chief Executive Officer, Brett White and Global President, Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenues of $5 billion across core services of agency leasing, asset services, capital markets, facility services (branded C&W Services), global occupier services, investment & asset management (branded DTZ Investors), project & development services, tenant representation and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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