A summary of trends in occupancy rates in Weber and Davis counties
By Curmudgeon
There's an interesting piece respecting development in today's Standard-Examiner. It's headlined "What's Vacant" and it summarizes trends in occupancy rates in Weber and Davis counties for office space, multi family housing and industrial space.
Interesting results. Vacant office space in Ogden jumped from 14.5% to 23.5% over the past year. Retail space vacancies up about 1%. But there's been a significant drop in available industrial space, and in vacancies at BDO. And vacant multi-family unit vacancies dropped from 5% a year ago to 1% now. And yet apartment rents have not risen.
Very chewy story, well worth perusing.
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7 comments:
A very interesting story indeed, Curm... especially with respect to current vacancies in office properties.
And it brings to mind the prudence of the Ogden City Council in May of 2006, when Boss Godfrey was pushing hard to add two more stories to the office building on the northwest corner of 24th and Washington (Now the WElls Fargo Building.
The office vacancy at that time was only around 5%; yet the council was prudent and cautious, and voted to deny the MAyor's request for further expansion.
If the council had taken the Mayor's advice, there would be another 32,000 sq. ft. of class a office space to add to the current vacancy glut.
The photo of the Freeport Center is misleading. It looks dead and deserted so the photo was probably taken well after business hours. Normally it's a busy place.
Sad news: both the Standard-Examiner and the SL Trib are reporting that two women were found dead early this morning, both on Adams Avenue near downtown.
A man has reportedly turned himself in.
Time for more police presence and less ice climbing towers.
Only a few blocks from the up-scale condos. Downtown needs to clean up and crack down on the neighborhood if they ever want to sell high end condos.
More energy and funds to the police department would help, instead of just high adventure.
Truely sorry for the victims.
Interesting in the story on vacancy that even after we lured away with cash incentives ( or should I say tax incentives) a few customers from Clearfield Freeport Center that the center is still are 99.45% occupancy.
Make me wonder if the city actually needed to provide those incentives to get the business or if we would have gotten the business anyway. Obviously companies back-filled Freeport behind those that the induced.
Office projects are scaling back in Utah County as well:
http://www.heraldextra.com/content/view/272745/
But I thought you would be especially interested in the front page news in today's Herald about Larry Myler:
http://www.heraldextra.com/content/view/272745/
Oops. That second link to the Midtown Village problems should be this one:
http://www.heraldextra.com/content/view/273382/18/
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