Davis County.

• Author: Falk, Chris
• Position: COUNTRY REPORT

Davis County in 2017 continued to experience growth similar to 2016. Though smaller, Davis compares favorably to other counties, providing a more economical approach to housing and commercial real estate as well as fast drive-times to downtown Salt Lake City, the International Airport and outdoor recreation. Additionally, Weber State University continues to grow its Davis campus and has partnered with employers locally and nationally to support the increasing workforce demands.

This rapid commercial growth has pushed the multifamily and residential development markets as well across the county. The demand for multifamily and residential land continues to increase, mounting increasing pressure on commercially zoned land of all types.

OFFICE

LEASE RATES PSF $13.59 to $21.10 NNN

VACANCY 8.60%

CAP RATE 6.44%

LAND VALUES PSF $8.29

OFFICE SUMMARY

Office vacancy increased slightly, but that belies deeper complexities. Since the delivery of several new developments two years ago, only a small volume of office product has been delivered on smaller, owner-user scales. As these new developments filled, now boasting zero vacancy factors, the natural "market shift" has occurred, displacing many tenants and introducing rates that have otherwise been unachievable since the past economic downturn. Demand is burgeoning for new product and the announcement of Layton Station, Centerville Parrish Crossing and new opportunities at Station Park might be the accommodating answer(s).

RETAIL

LEASE RATES PSF $12.05 to $25.24 NNN

VACANCY 7.65%

CAP RATE 6.40%%

LAND VALUES PSF $12.91

RETAIL SUMMARY

Davis County had many redevelopments and new projects in the past few years, and the...