SW-UTAH-UTC2023Q4 Market Report

Utah County

Market Report

Q4

Accelerating success.

Utah County

Headline

Office

With just two buildings under construction in Utah County at the end of 2023 — medical office buildings totaling 68,000 square feet — average asking lease rates increased to $24.38 FSG, peaking at $29.73 FSG in Class A properties in the North submarket. Despite a historically low 128,825 square feet of negative absorption at yearend, Vyvue and ABS Kids secured large spaces and positive absorption in the fourth quarter.

23Q4

Current Market Indicators

YTD Absorption

Under Construction

Direct Vacancy Rate

Lease Rate (FSG)

-129K SF

68K SF

11.12%

$24.38/ SF

YOY

FORECAST

YOY

FORECAST

YOY

22Q4

23Q3

23Q4

Total Inventory (SF)

18,632,850

18,860,742

18,852,133

New Supply (SF)

241,000

140,768

0

YTD Absorption (SF)

+396,282

(123,232)

(128,825)

Direct Vacancy Rate

9.71%

11.03%

11.12%

Sublease Availability

5.20%

6.64%

6.44%

Under Construction (SF)

222,031

75,800

68,000

Overall Asking Lease Rates (FSG)

$23.58

$24.37

$24.38

4th Quarter Transactions

Expansion

YOY

FORECAST

Construction

Historic Comparison

749 E Technology Ave Orem USHealth Advisors 15,069 SF

FORECAST

Lease

561 E 1860 S Provo Vyvue 14,800 SF

Colliers | Utah County| 23Q4 | Office Report

85.70% Preleased

North

100.00%

Construction in Utah County reached an all-time low, with just two buildings totaling 68,000 square feet under construction at the end of 2023. Both buildings, near the new Primary Children’s Hospital in Lehi, are designated medical office buildings spanning approximately 35,000 square feet each. Both are almost fully preleased, with only 9,726 square feet remaining.

Lease

585 E 1860 S Provo ABS Kids 14,790 SF

Sale

291 N 300 E American Fork Deer Creek Capital 12,910 SF

Lease

752 E 1180 S American Fork FiveStrata 9,894 SF

Avg. Asking Lease Rates $30.00 The overall average asking lease rate in Utah County edged up to $24.38 FSG at the end of 2023, a $0.91 increase from the previous quarter and an $0.80 increase year-over-year.

Class A properties in the North submarket recorded the highest rates, reaching $29.73 FSG, bringing the overall Class A rate to $27.15 FSG. Valley Grove III and Traverse Heights achieved the highest rates, at $33.00 FSG, followed by Valley Grove I at $31.25 FSG. Other Class A buildings in the area ranged between $27.00 and $30.00 FSG.

Absorption Utah County saw negative absorption for the first-time ever recorded, totaling negative 128,825 square feet of space at year-end.

However, the fourth quarter experienced a positive 27,925 square feet of absorption thanks to the securing of several spaces over 10,000 square feet in size. Vyvue absorbed 14,800 square feet of space at Sterling Square 3, while ABS Kids secured 14,780 square feet in Sterling Square 6, both part of a prominent seven-building office park in Provo.

$25.00 $20.00 $15.00 $10.00 $5.00 $0.00

2019

Class A 1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 0 (200,000) (400,000)

Class B

2019

Class A

Vacancy

2020 Class C

2020

2021

2022

2023

2022

2023

Overall

2021

Class B

Class C

Overall

5.00%

10.00%

15.00%

Class B

Class C

2023 Overall office vacancy reached 11.12 percent for direct space at the end of 2023, with sublease vacancy reaching 6.44 percent for a total of 17.56 percent overall. Class B properties saw the most vacancy among the different property types, while Class A product in the South submarket is home to 94.84 percent of total vacancy thanks mostly to one vacant building.

2022 2021 2020 2019 0.00% Class A

Overall

Utah County

Office

23Q4

Sublease Availability 1,500,000 1,000,000 500,000 0

2019

2020

Class A

Class B

2021

2022 Class C

2023 Overall

Significant Sublease Availabilities Building Name

Submarket

Building SF

Sublease SF

Mountain Tech South Office 2

North

154,647

154,647

Grove Technology Center

North

201,325

117,107

Thanksgiving Station 5

North

150,000

45,467

Innovation Pointe 2

North

150,000

43,911

Mountain Tech South Office 1

North

150,000

43,850

Under Construction Asking Lease Rates $60.00 $40.00

$47.95

$47.95

North

Overall

$20.00 $0.00

North Colliers | Utah County| 23Q4 | Office Report

Overall

Top Construction Projects

Utah County

Office

23Q4

Market Overview

Existing Properties Building Total Class Inventory SF OFFICE MARKET Central A 2,196,018 B 4,955,636 C 415,748 TOTAL 7,567,402 North 7,738,194 A B 3,005,732 C 132,602 TOTAL 10,876,528 South A 84,160 B 170,835 C 88,515 TOTAL 343,510 West A 0 B 64,693 C 0 TOTAL 64,693

Direct Vacancy

Sublease Availability

Total Vacancy Absorption Square Footage

Avg Asking Rent

SF

Rate

SF

Rate

Rate

Current Period

YTD

Rate (FS)

442,181 692,727 6,000 1,140,908

20.14% 13.98% 1.44% 15.08%

20,427 213,754 0 234,181

0.93% 4.31% 0.00% 3.09%

21.07% 18.29% 1.44% 18.17%

5,949 26,802 0 32,751

(209,035) 96,393 13,751 (98,891)

$25.90 $22.19 $21.95 $23.57

459,254 410,938 2,140 872,332

5.93% 13.67% 1.61% 8.02%

855,507 123,944 0 979,451

11.06% 4.12% 0.00% 9.01%

16.99% 17.80% 1.61% 17.03%

36,055 (39,433) 1,060 (2,318)

(2,995) 57,526 (2,140) 52,391

$29.73 $21.71 $16.75 $25.79

79,817 2,508 0 82,325

94.84% 1.47% 0.00% 23.97%

0 0 0 0

0.00% 0.00% 0.00% 0.00%

94.84% 1.47% 0.00% 23.97%

0 (2,508) 0 (2,508)

(79,817) (2,508) 0 (82,325)

$21.50 $14.65 $21.29

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0 0 0 0

0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00%

0 0 0 0

0 0 0 0

-

Overall Market Totals Existing Properties Building Total Class Inventory SF Quarterly Totals A 10,018,372 B 8,196,896 C 636,865 TOTAL 18,852,133

Direct Vacancy

Sublease Availability

Total Vacancy Absorption Square Footage

Avg Asking Rent

SF

Rate

SF

Rate

Rate

Current Period

YTD

Rate (FS)

981,252 1,106,173 8,140 2,095,565

9.79% 13.50% 1.28% 11.12%

875,934 337,698 0 1,213,632

8.74% 4.12% 0.00% 6.44%

18.54% 17.61% 1.28% 17.55%

42,004 (15,139) 1,060 27,925

(291,847) 151,411 11,611 (128,825)

$27.15 $22.04 $20.54 $24.38

Colliers | Utah County| 23Q4 | Office Report

Market Activity Utah County North

Direct Vacancy Rate: 8.02% YTD Absorption: +52,391 SF Lease Rate: $25.79 FS

Utah County West

Direct Vacancy Rate: 0.00% YTD Absorption: 0 SF Lease Rate: $0.00 FS

Utah County Central

Direct Vacancy Rate: 15.08% YTD Absorption: (98,891) SF Lease Rate: $23.57 FS

Utah County South

Direct Vacancy Rate: 23.97% YTD Absorption: (82,325) SF Lease Rate: $21.29 FS

Utah County

Headline

Industrial

The Utah County industrial sector closed 2023 with an increase in overall asking lease rates, reaching $0.92 NNN due to an imbalance between supply and demand and limited construction, both likely to continue moving forward. Year-todate positive absorption totaled 1,718,544 square feet, primarily in the North and Central submarkets, driven by the completion of pre-leased space. The overall direct vacancy rate hit 4 percent — the highest year-end vacancy rate recorded since 2013 — reaching 9.11 percent vacancy in buildings over 100,000 square feet in size in the South submarket.

23Q4

Current Market Indicators

YTD Absorption

Under Construction

Direct Vacancy Rate

Lease Rate (NNN)

+1.7M SF

2.3M SF

4.00%

$0.92/ SF

YOY

FORECAST

YOY

FORECAST

YOY

FORECAST

YOY

FORECAST

Construction

Historic Comparison

1.60%

4.26% 5.31%

22Q4

23Q3

23Q4

Total Inventory (SF)

44,836,507

46,545,916

47,739,976

New Supply (SF)

943,180

652,617

882,769

YTD Absorption (SF)

+3,232,513

+977,619

+1,718,544

Direct Vacancy Rate

1.74%

3.18%

4.00%

Under Construction (SF)

2,869,941

3,775,820

2,251,623

Overall Asking Lease Rates (NNN)

$0.87

$0.95

$0.92

Colliers | Utah County| 23Q4 | Industrial Report

Central

North 90.20% Preleased

88.82%

South

West

The completion of seven buildings added 882,769 square feet of industrial inventory in the fourth quarter. Just four buildings account for the 2,251,623 square feet of space currently under construction in Utah County. Critically low vacancy rates have necessitated additional construction to meet growing demand. Just over 90 percent of ongoing projects have been preleased, including Facebook’s 2-millionsquare-foot expansion in Eagle Mountain.

Avg. Asking Lease Rates Overall industrial asking lease rates increased by $0.05 year-over-year to $0.92 NNN at the end of 2023. The North submarket is home to the highest asking lease rates, at $1.05 NNN, with 5,000– 20,000-square-foot buildings reaching $1.38 NNN. An ongoing imbalance between supply and demand as well as insufficient construction activity will continue to push lease rates upward.

Absorption Year-to-date positive absorption reached 1,718,544 square feet in 2023, including a 665,685-square-foot surge in the fourth quarter alone. Buildings over 100,000 square feet in size in the North and Central submarkets were the largest contributors, as well as the completion of preleased space. EZARC preleased 107,253 square feet of space at E15 Commerce Park Building 2 in Pleasant Grove, and Vox Fulfillment secured 70,600 square feet of space at Scannell New Vista South Building 3.

$1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.00 0-5K SF

2019

2020

2021

5-20K SF

20-50K SF

50-100K SF

2019

2020

2021

2022

2023

100K+ SF

Overall

2022

2023

2,000,000 1,500,000 1,000,000 500,000 0 (500,000)

0-5K SF 50-100K SF

Vacancy

5-20K SF 100K+ SF

20-50K SF Overall

7.00% Utah County’s overall industrial direct vacancy rate reached 4 percent at the end of 2023 — the highest year-end vacancy rate recorded since 2013, and a 1.74 percent increase year-over-year. Buildings over 100,000 square feet in size in the South submarket have the highest vacancy rates, at 9.11 percent. However, 4 percent vacancy is still considerably “unhealthy,” underscoring the challenge of insufficient industrial supply in Utah County.

6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

0-5K SF

2019

2020

2021

5-20K SF

20-50K SF

50-100K SF

2022 100K+ SF

2023 Overall

Utah County

Industrial

23Q4

4th Quarter Transactions

Lease

Lease

1057 W 700 S Pleasant Grove EZARC 107,253 SF Transaction Date: 11/27/2023

Lease

1853 N Technology Dr Springville Pyvott 75,103 SF Transaction Date: 12/21/2023

Sublease

584 E 1100 S American Fork Better Body Food & Nutrition 52,212 SF Transaction Date: 12/01/2023 Colliers | Utah County| 23Q4 | Industrial Report

3752 S Sierra Wista Way Provo Vox Fulfillment 70,600 SF Transaction Date: 11/08/2023

Lease

42 E 1100 S American Fork Old Mill Brick 45,205 SF Transaction Date: 10/12/2023

Top Construction Projects

Utah County

Industrial

23Q4

Market Overview Existing Properties Total Inventory SF INDUSTRIAL MARKET Central 0-5,000 236,984 5,001-20,000 2,895,606 20,001-50,000 4,793,626 50,001-100,000 2,930,038 100,001+ 3,518,716 TOTAL 14,374,970 North 0-5,000 51,543 5,001-20,000 1,814,444 20,001-50,000 3,943,521 50,001-100,000 4,374,348 100,001+ 5,864,031 TOTAL 16,047,887 South 0-5,000 41,615 5,001-20,000 1,393,509 20,001-50,000 2,789,257 50,001-100,000 1,857,357 100,001+ 9,802,751 TOTAL 15,884,489 West 0-5,000 3,984 5,001-20,000 30,919 20,001-50,000 27,727 50,001-100,000 0 100,001+ 1,370,000 TOTAL 1,432,630 Building Size

Total Vacancy Absorption Square Footage

Avg Asking Rate

Direct Vacancy

Sublease Availability

SF

Rate

SF

Rate

Rate

Current Period

YTD

Rate (NNN)

0 11,790 12,618 85,600 88,156 198,164

0.00% 0.41% 0.26% 2.92% 2.51% 1.38%

0 0 22,416 0 0 22,416

0.00% 0.00% 0.47% 0.00% 0.00% 0.16%

0.00% 0.41% 0.73% 2.92% 2.51% 1.53%

0 (5,002) 7,427 57,126 70,600 130,151

0 (4,549) 31,731 100,016 348,700 475,898

$0.97 $1.11 $0.76 $0.88 $0.87

0 19,815 68,000 97,658 372,490 557,963

0.00% 1.09% 1.72% 2.23% 6.35% 3.48%

0 0 0 16,496 0 16,496

0.00% 0.00% 0.00% 0.38% 0.00% 0.10%

0.00% 1.09% 1.72% 2.61% 6.35% 3.58%

0 0 9,045 58,929 286,023 353,997

0 (19,815) 117,013 181,749 658,229 937,176

$1.38 $1.26 $1.07 $0.92 $1.05

0 0 147,907 112,439 892,604 1,152,950

0.00% 0.00% 5.30% 6.05% 9.11% 7.26%

6,008 1,068 17,256 0 84,860 109,192

14.44% 0.08% 0.62% 0.00% 0.87% 0.69%

14.44% 0.08% 5.92% 6.05% 9.97% 7.95%

0 0 (19,097) 130,984 69,650 181,537

0 35,390 1,397 146,383 122,300 305,470

$1.09 $0.96 $0.84 $0.86

0 0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0 0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

0 0 0 0 0 0

0 0 0 0 0 0

-

Overall Market Totals Existing Properties Building Size Quarterly Totals 0-5,000 5,001-20,000 20,001-50,000 50,001-100,000 100,001+ TOTAL

Sublease Availability

Total Inventory SF

SF

Rate

SF

Rate

Rate

Current Period

YTD

Rate (NNN)

334,126 6,134,478 11,554,131 9,161,743 20,555,498 47,739,976

0 31,605 228,525 295,697 1,353,250 1,909,077

0.00% 0.52% 1.98% 3.23% 6.58% 4.00%

6,008 1,068 39,672 16,496 84,860 148,104

1.80% 0.02% 0.34% 0.18% 0.41% 0.31%

1.80% 0.53% 2.32% 3.41% 7.00% 4.31%

0 (5,002) (2,625) 247,039 426,273 665,685

0 11,026 150,141 428,148 1,129,229 1,718,544

$1.17 $1.14 $1.08 $1.03 $0.84 $0.92

Colliers | Utah County| 23Q4 | Industrial Report

Total Vacancy Absorption Square Footage

Avg Asking Rate

Direct Vacancy

Market Activity Utah County North

Direct Vacancy Rate: 3.48% YTD Absorption: +937,176 SF Lease Rate: $1.05 NNN

Utah County West

Direct Vacancy Rate: 0.00% YTD Absorption: 0 SF Lease Rate: $0.00 NNN

Utah County Central

Direct Vacancy Rate: 1.38% YTD Absorption: +475,898 SF Lease Rate: $0.87 NNN

Utah County South

Direct Vacancy Rate: 7.26% YTD Absorption: +305,470 SF Lease Rate: $0.86 NNN

Utah County

Headline

Retail

23Q4

Utah County saw limited construction activity in the fourth quarter of 2023, with the West submarket accounting for 78.59 percent of the total. The average asking lease rate reached a record $24.67 NNN, highest at Eagle Mountain Town Center Marketplace and Canyon Creek Shopping Center. Despite positive annual absorption of 173,488 square feet, the addition of new space in the Provo submarket caused a minor decrease in the fourth quarter.

Current Market Indicators

YTD Absorption

Under Construction

Direct Vacancy Rate

Lease Rate (NNN)

+173K SF

196K SF

2.39%

$24.67/ SF

YOY

FORECAST

YOY

FORECAST

YOY

FORECAST

YOY

FORECAST

Construction

Historic Comparison

4.48% 22Q4

23Q3

23Q4

Total Inventory (SF)

17,610,056

16,847,220

17,536,259

New Supply (SF)

10,000

0

0

YTD Absorption (SF)

+259,579

+161,785

+173,488

9.53% 0.75% Preleased

Central 7.40%

North

South

78.59% West

Direct Vacancy Rate

2.92%

2.09%

2.39%

Under Construction (SF)

116,845

267,532

196,086

Overall Asking Lease Rates (NNN)

$22.82

$23.60

$24.67

Colliers | Utah County| 23Q4 | Retail Report

Utah County ended 2023 with just 196,086 square feet of retail space under construction, with the West submarket accounting for 78.59 percent of the total. In Saratoga Springs, Jacob Ranch Marketplace alone accounted for 142,845 square feet. Year-over-year growth was minimal, with only 116,845 square feet underway at the end of 2022 and 267,532 square feet underway in the third quarter of 2023.

4th Quarter Transactions

Lease

Lease

99 W 300 S Provo Marcus Corbett 16,276 SF Transaction Date: 11/29/2023

Lease

99 W 300 S Provo Dylan Halverson 16,276 SF Transaction Date: 11/29/2023

Lease

155 S State St Lindon Season Salon 6,500 SF Transaction Date: 11/29/2023

120 N University Ave Provo ALA Sellers 8,514 SF Transaction Date: 12/12/2023

Sale

72 N Main Spanish Fork Boxwood Home 5,313 SF Transaction Date: 11/09/2023

Utah County

Retail

23Q4

Avg. Asking Lease Rates The Utah County retail market set a record $24.67 NNN average asking lease rate in 2023, a $1.85 surge year-over-year and $1.07 increase since the third quarter. Regional centers in the South submarket reached an average high of $40.00 NNN, highest at Eagle Mountain Town Center Marketplace and Canyon Creek Shopping Center, at $42.00 NNN and $40.00 NNN, respectively. Expect continued increases as supply is unable to keep up with demand.

Absorption Retail absorption in Utah County increased to just 173,488 square feet year-over-year, including a slight decrease in the fourth quarter of negative 22,362 square feet with the addition of 20,000 square feet of space in the Provo submarket. Vasa Fitness absorbed 60,000 square feet of space in Saratoga Springs, and Barnes & Noble secured 23,029 square feet in American Fork.

Vacancy The overall vacancy rate in Utah County decreased slightly from 2.92 percent at the end of 2022 to 2.39 percent one year later. Community centers in the Central submarket have the most vacancy, at 6.49 percent. Retail vacancy rates should continue to adapt in response to limited construction and high demand.

$40.00 $35.00 $30.00 $25.00 $20.00 $15.00 $10.00 $5.00 $0.00

2019

Anchorless

Community

2019

2020

2021 Neighborhood

2021

2022

2023

Regional

Overall

2022

2023

2022

2023

Regional

Overall

600,000 500,000 400,000 300,000 200,000 100,000 0 (100,000)

8.00% 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

2019

Anchorless Colliers | Utah County| 23Q4 | Retail Report

2020

2020 Community

2021 Neighborhood

Top Construction Projects

Utah County

Retail

23Q4

Market Overview Existing Properties Center Type RETAIL MARKET Central Anchorless Strip Community Center Neighborhood Center Regional Center TOTAL North Anchorless Strip Community Center Neighborhood Center Regional Center TOTAL South Anchorless Strip Community Center Neighborhood Center Regional Center TOTAL West Anchorless Strip Community Center Neighborhood Center Regional Center TOTAL

Direct Vacancy

Sublease Availability

Total Vacancy

Absorption Square Footage Current YTD Period

Avg Asking Rate

Total Inventory SF

SF

Rate

SF

Rate

Rate

2,355,850 3,157,922 1,789,281 467,512 7,770,565

23,405 204,859 40,470 22,000 290,734

0.99% 6.49% 2.26% 4.71% 3.74%

0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0.00%

0.99% 6.49% 2.26% 4.71% 3.74%

900 (263) (1,872) (22,000) (23,235)

19,632 11,000 28,369 (22,000) 37,001

$18.64 $20.41 $22.77 $36.00 $21.76

1,004,197 1,995,959 1,727,492 665,430 5,393,078

9,921 32,672 25,600 14,707 82,900

0.99% 1.64% 1.48% 2.21% 1.54%

0 0 1,590 0 1,590

0.00% 0.00% 0.09% 0.00% 0.03%

0.99% 1.64% 1.57% 2.21% 1.57%

5,394 0 0 0 5,394

29,130 64,505 9,070 0 102,705

$25.30 $25.77 $31.30 $30.00 $28.10

746,774 1,209,042 534,887 734,943 3,225,646

0 6,000 0 20,000 26,000

0.00% 0.50% 0.00% 2.72% 0.81%

0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0.00%

0.00% 0.50% 0.00% 2.72% 0.81%

0 0 0 0 0

12,575 4,618 0 0 17,193

$32.00 $40.00 $38.15

282,895 769,640 94,435 0 1,146,970

11,940 7,678 0 0 19,618

4.22% 1.00% 0.00% 0.00% 1.71%

0 0 0 0 0

0.00% 0.00% 0.00% 0.00% 0

4.22% 1.00% 0.00% 0.00% 0

(2,994) (1,527) 0 0 (4,521)

5,047 11,542 0 0 16,589

$36.00 $38.74 $37.27

Sublease Availability

Total Vacancy

Absorption Square Footage

Avg Asking Rate

Rate (NNN)

Overall Market Totals Existing Properties Center Type Quarterly Totals Anchorless Strip Community Center Neighborhood Center Regional Center TOTAL

Direct Vacancy

Total Inventory SF

SF

Rate

SF

Rate

Rate

Current Period

YTD

Rate (NNN)

4,389,716 7,132,563 4,146,095 1,867,885 17,536,259

45,266 251,209 66,070 56,707 419,252

1.03% 3.52% 1.59% 3.04% 2.39%

0 0 1,590 0 1,590

0.00% 0.00% 0.04% 0.00% 0.01%

1.03% 3.52% 1.63% 3.04% 2.40%

3,300 (1,790) (1,872) (22,000) (22,362)

66,384 91,665 37,439 (22,000) 173,488

$23.79 $21.94 $26.08 $35.85 $24.67

Colliers | Utah County| 23Q4 | Retail Report

Market Activity Utah County North

Vacancy Rate: 1.54% YTD Absorption: +102,705 SF Lease Rate: $28.10 NNN

Utah County Central

Vacancy Rate: 3.74% YTD Absorption: +37,001 SF Lease Rate: $21.76 NNN

Utah County West

Vacancy Rate: 1.71% YTD Absorption: +16,589 SF Lease Rate: $37.27 NNN

Utah County South

Vacancy Rate: 0.81% YTD Absorption: +17,193 SF Lease Rate: $38.15 NNN

At Colliers, we are enterprising

Market Contact: Megan Donnell Research Manager | Utah Millrock Office | Salt Lake City +1 801 453 6822 megan.donnell@colliers.com

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