1. Salt Lake County market overview
Q4 2013
Quick statistics
Total Net Absorption
Vacancy Rate
Direct Rents
Salt Lake City metro map
Current statistics
SLC County
Core market
Stock
33,444,898
13,757,171
Overall vacancy
12.4%
16%
Direct vacancy
10.8%
15%
YTD total net absorption
1,051,589 s.f.
197,855
Under construction
752,439 s.f.
144,000 s.f.
YTD completions
418,758 s.f.
0 s.f.
Overall average rent
$18.75 p.s.f.
$20.98 p.s.f.
Class A average rent
$25.13 p.s.f.
$27.54 p.s.f.
Class B average rent
$16.93 p.s.f.
$18.27 p.s.f.
Class C average rent
$13.78 p.s.f.
$15.31 p.s.f.
1,051,589
12.4%
$18.75
*Arrows represent change from previous quarter
Demographics
Current
2017 Projection
Population
1,029,655
1,230,827
Median age
29.2 --
Average HH income
$48,373.00
College degree & higher
47%
Net absorption vs. overall vacancy
*Arrows represent change in the past 12-months
Overview and trends
The majority of submarkets have shifted from tenant-favorable to neutral, and will ultimately swing to landlord-favorable as rental rates stabilize and tenant concessions decrease.
Vacancy rates should continue their downward trend as absorption continues to outpace new construction.
Concessions are expected to continue to decrease and landlords will hold firm on their asking rates.
Downtown is seeing more activity with the completion of City Creek and expansion of public transit.
Market activity
Market leverage
Tenants in the Market
1-800 Contacts
200,000
Verisk Health
150,000
Clearlink
25,000
Storage Craft
75,000
Recently Completed Leases
OOCL
48,000
eVault
35,000
Mozy Corporation
26,885
Extend Health
68,988
Medicity
20,420
Peaking market
Falling market
Rising market
Bottoming market
2013
2014
2015
2016
2017
Tenant Favorable market
Neutral market
Landlord favorable market
SLC County
Core market
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