Retail 2013 Q1
The Salt Lake City retail market did not experience much change in market conditions in the first quarter 2013. The vacancy rate went from 4.5% in the previous quarter to 4.4% in the current quarter. Net absorption was positive 170,323 square feet, and vacant sublease space increased by 12,030 square feet. Quoted rental rates increased from fourth quarter 2012 levels, ending at $12.94 per square foot per year. A total of 5 retail buildings with 74,430 square feet of retail space were delivered to the market in the quarter, with 210,350 square feet still under construction at the end of the quarter.
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Retail National 2013 Q1
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Industrial 2013 Q1
The Salt Lake City Industrial market ended the first quarter 2013 with a vacancy rate of 5.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 606,064 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 157,609 square feet. Rental rates ended the first quarter at $4.59, an increase over the previous quarter. A total of one building delivered to the market in the quarter totaling 3,144 square feet, with 524,500 square feet still under construction at the end of the quarter.
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Industrial National 2013 Q1
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Office 2013 Q1
The Salt Lake City Office market ended the first quarter 2013 with a vacancy rate of 6.9%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 200,542 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 81,048 square feet. Rental rates ended the first quarter at $18.12, a decrease over the previous quarter. A total of six buildings delivered to the market in the quarter totaling 195,282 square feet, with 956,000 square feet still under construction at the end of the quarter.
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Office National 2013 Q1
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