Utah's second-largest metro area located 40 miles north of Salt Lake City, Weber County serves as the major economic and employment hub for the northern part of the state. After experiencing solid growth over the past several years, employment gains have recently slowed in the Ogden metro to fall in line with the national rate. One sector that is continuing to see healthy growth is professional and business services, which comprises around 10% of the metro's employment. Though job gains have decelerated, population, household and labor force growth all exceed the national rate, and the unemployment rate remains considerably lower than the national average.
LEASE RATES PSF $14.00 - $24.00 PSF/FS
CAP RATE 7% - 9%
LAND VALUES PSF $6.00 - $9.00 PSF
The appetite for office space in Ogden has increased recently, helping compress vacancies that rose from weakened demand the past several years. The strong growth that Ogden's office market has experienced, manifested in solid rent growth and vacancy compression. Ogden typically exhibits low sales volume in the office sector and mostly local investment, but indicators are healthy--the price per square foot is approaching a post-recession high.
LEASE RATES PSF $0.33 - $0.63 PSF/MG
CAP RATE 6% - 7.5%
LAND VALUES PSF $2.50 - $6.50 PSF
The industrial market continues to be the strongest segment in Weber County with vacancy rates sitting at just 4.60%. Lease rates and sales prices are on the rise...