Market Intel from the top 10 construction activity markets in the country show signs of amazing buoyancy, although turmoil in the stock market related to potential trade wars and protectionist policies could put a damper on activity. How this affects our local market remains to be seen but from our perspective it has not slowed deal velocity yet.
Salt Lake City, while not on the list of the top 10 construction markets in the country has similar dynamics to Denver which did make the list. Nearly 70% of all under construction space in that market is pre-committed. Our Utah market remains robust for both new speculative construction and leasing activity. While tenants may enjoy more choices of available spaces here than Denver or other intermountain markets, spaces are rapidly being consumed and the number of spaces above 200,000 SF with immediate availability are limited to just three buildings in the entire market!
We found the following graph showing historic availability vs. construction vs. pre-commitments very interesting. Give us a call at IPG Commercial to share your opinion, or request guidance for your next industrial real estate play.
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