Photograph by Frank Jensen, courtesy of Utah Travel Council
REAL ESTATE HIGHLIGHTS
Building construction costs are lower in Utah than in most other Western states. Utah has more than 100 quality industrial parks. Utah has two university-affiliated research parks.
OFFICE SPACE
Following a sluggish 2002, commercial office leasing in Utah showed signs of increasing health in 2003. According to Collier International’s 2003 Utah Year End Market Review, Class A space vacancy in Salt Lake City’s central business district decreased from 14 percent in 2002 to 11 percent in 2003. During the same period, in Weber County, total office vacancy decreased from 23 percent in 2002 to 15 percent; and in Davis County, from 22 percent to just over 17 percent; and in Utah County, from almost 25 percent to less than 17 percent. During the last six months of 2003, Washington County’s office vacancy decreased from 12 percent to 8.24 percent. Colliers International forecasts that vacancies will continue to decrease in 2004 in most Utah commercial markets. According to Colliers International’s 2003 Utah Mid Year Market Review Average prices for Utah commercial office space in 2003 included: • $18.25 in Salt Lake City’s central business district ($22.23 Class A) • $11.74-12.65 in Weber County ($13.64-14.23 Class A) • $13.68-14.29 in Davis County ($$16.43-17.19 Class A) • $12-15.50 Class A in Utah County (Composite not available) • $16.19 in peripheral Salt Lake City ($19.15 Class A) CONSTRUCTION COSTS
Construction costs in Utah are generally lower than in other Western U.S. commerce centers. According to the S.R. Means’ January 2004 Construction Cost Index for commercial
22 UTAHFACTS 2004
