Weber County.

• Author: Lindsey, Robert
• Position: COUNTRY REPORT

According to the U.S. Census Bureau, Weber County has seen a population increase of 7.1 percent, growing to a total of 247,560 people over the past six years. The area had a 4.32 percent increase in jobs and a 4.43 percent increase in economic output in 2016. The unemployment rate is just 2.9 percent. Home values in the area increased by 7.68 percent, and wages increased by 6.38 percent. With that growth it's no wonder Forbes just ranked the Ogden-Clearfield metro area in the top 15 fastest growing cities in the United States for 2017. The Ogden-Clearfield area was ranked 13th, thanks to its high economic output growth and high job growth.

OFFICE

LEASE RATES PSF $11.00 to $19.60 NNN

VACANCY 18.29%

CAP RATE 6.5% to 8.5%

LAND VALUES PSF $5.00 to $8.00

OFFICE SUMMARY

The office market has seen some modest movement this past year. Class B space has seen the most improvement with vacancy rates dropping from 29.31% to 24.07% over the past 12 months. Class C properties have seen an increase in vacancy rates as tenants are upgrading to nicer buildings in better locations. Lease rates are relatively flat and have seen very little change over the past year.

RETAIL

LEASE RATES PSF $10.00 to $21.00 NNN

VACANCY 11.09%

CAP RATE 5.5% to 7.5%

LAND VALUES PSF $8.00 to $15.00

RETAIL SUMMARY

The retail market is rapidly growing throughout the county. Ace Hardware recently opened in North Ogden, Ross Dress for...