The commercial real estate market in Salt Lake City has seen unprecedented trends develop in 2015 and shows no signs of slowing down. Rental rates will continue to be strong and there is a high level of new space under construction, according to Cushman & Wakefield/Commerce’s latest office market statistics. Rental rates are on the rise, and vacancy rates are down due to strong tenant demand, reports MarketWatch. The overall asking rental lease rate is trending above historic averages and increased by 3.9%, with the strongest growth occurring in the Southeast. A historic level of Class-A office buildings is under construction and that number is expected to grow over the next six to 12 months. Over 1M SF of new construction will be delivered in both 2015 and 2016, with the Southwest area leading the way with 400k SF. The strong numbers in Utah are the result of organizations that are relocating to the state as well as substantial growth from existing in-state companies. [MW]
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