Retail 2011 Q4
The Salt Lake City retail market did not experience much change in market conditions in the fourth quarter 2011. The vacancy rate went from 5.3% in the previous quarter to 5.2% in the current quarter. Net absorption was positive 158,964 square feet, and vacant sublease space increased by 173 square feet. Quoted rental rates decreased from third quarter 2011 levels, ending at $13.47 per square foot per year. A total of three retail buildings with 78,800 square feet of retail space were delivered to the market in the quarter, with 573,979 square feet still under construction at the end of the quarter.
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Retail National 2011 Q4
Industrial 2011 Q4
The Salt Lake City Industrial market ended the fourth quarter 2011 with a vacancy rate of 4.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 932,584 square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 71,480 square feet. Rental rates ended the fourth quarter at $4.63, a decrease over the previous quarter. A total of one building delivered to the market in the quarter totaling 535,900 square feet, with 251,098 square feet still under construction at the end of the quarter.
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Industrial National 2011 Q4
Office 2011 Q4
The Salt Lake City Office market ended the fourth quarter 2011 with a vacancy rate of 6.4%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 633,536 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 56,066 square feet. Rental rates ended the fourth quarter at $17.04, an increase over the previous quarter. A total of two buildings delivered to the market in the quarter totaling 220,000 square feet, with 1,115,103 square feet still under construction at the end of the quarter.
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