Davis County must have been listening when Aesop suggested, "slow and steady wins the race" as 2018 brought continued, stable growth across the county. Davis County continues to reflect well in comparison to other counties, providing a more economical approach to housing and commercial real estate as well as brisk drive-times to downtown Salt Lake City, the International Airport, and immediately accessible outdoor recreation.
With the continued growth, the residential market has blazed new paths led by the demand for higher-density projects in areas that have needs which are still unmet to date. As a result, new retail and medical office developments alike have popped up to serve the demand spurred by the rapid residential progression. The expansion of Hwy 89 and the Legacy Corridor only promise more travelers and better access to the County in the future, expediting growth and increasing demand across all markets.
LEASE RATES PSF NNN $10.73 to $15.50
CAP RATE 7.10%
LAND VALUES PSF No Office Land Sold
The Davis County office market saw little-to-no new construction built-to-suit the needs of increasing demands. Farmington and Bountiful alike saw new construction driven by owner-users (with minor availability to the open market), but larger, national-credit tenants are still awaiting and hoping for large-scale opportunities to be delivered in 2019. While vacancy decreased from 2017, rates also followed suit primarily as a result of minimal Class A availability, leaving comparable data to lesser classes of product.
LEASE RATES PSF NNN $0.57 to $0.73
CAP RATE 6.39%
LAND VALUES PSF $3.95
The industrial market continues to thrive in Davis County. Large parks such as the Freeport...