Feb
10
Cushman & Wakefield/Commerce Seattle Welcomes New Commercial Real Estate Associate to the Industrial Team

Cree_5x7 (1)

SEATTLE, Feb 10, 2016 – Cushman & Wakefield/Commerce is pleased to announce the addition of Connor Cree to its Seattle office where he will be joining Tony Kusak and Ryan Foley as part of their industrial team. Cree is joining the company as an associate specializing in tenant representation in the Kent Valley industrial market.

Feb
9
Cushman & Wakefield/Commerce Reports Boise Experienced Strong but Tight Commercial Real Estate Market in 2015

boise

BOISE, Feb. 8, 2016 – Commercial real estate in the Boise area had a strong 2015, according to Cushman & Wakefield/Commerce. The firm released its 2015 Year-End Market Review report detailing the state of commercial real estate in the Boise area, including the office, industrial and retail markets.

“Commercial real estate in the Boise area saw rental rates continue in an upward trend as demand increased and vacancy rates dropped,” said Tim Reid, market leader of Cushman & Wakefield/Commerce Idaho Region. “Although all three market segments, office, retail and industrial, were strong in 2015, the retail market was the shining star as it continued to outperform the others as the economy continued to grow. This has been the seventh consecutive year now that more retail stores opened than closed.”

Feb
9
Utah’s Economy: Apartment Boom in Salt Lake City & Select, Statewide Economic Activity

utsecon

Twenty-one apartment projects, totaling 4,805 units are currently under construction in Salt Lake County.

Eleven (2,217 units) are in Salt Lake City and 10 (2,588 units) are located in suburban Salt Lake County – all projects will be completed and start leasing units over the next 12 to 18 months.

Between September and November 2015, 12 large apartment projects completed construction and began leasing – 956 of the total 2,283 new units were leased by the end of November, leaving 1,327 units yet to be leased.

Jan
21
Salt Lake City’s Investment Sales Reach Another Record-Setting Year

investment

SALT LAKE CITY, Jan. 20, 2016 – Cushman & Wakefield/Commerce today announced that 2015 was a record-setting year for investment sales, with nearly $1.9 billion in total volume, just edging above the $1.8 billion record set in 2014.

Jan
14
Salt Lake County Industrial Absorption Exceeds Five Year Average

ind

SALT LAKE CITY, Jan. 13, 2016 – According to Cushman & Wakefield/Commerce, Salt Lake County industrial demand remained strong, pushing absorption to nearly 2 million square feet, which continued to exceed the five year average.

Activity remained strongest in spaces in excess of 100,000 square feet with both leasing and sale activity reaching the second highest level in the past five years. This is due to the proximity Salt Lake City offers by way of distribution and logistics chains. Salt Lake City reaches all markets from Denver, Phoenix, Los Angeles, San Francisco, Oregon and others within a 24 hour drive, making it an excellent and dynamic location for distribution. Expect to see strong activity in this sector throughout 2016.

Jan
12
Salt Lake Office Market Experiences Strongest Year in Nearly a Decade

office

SALT LAKE CITY, Jan. 11, 2016 – The latest report from Cushman & Wakefield/Commerce shows activity in the Salt Lake office market ended 2015 strong with net leasing absorption near 976,127 square feet, just shy of peak year 2007.

This strong leasing activity is supported by significant transactions such as CHG’s lease of 281,663 at View 72, Ancestry.com’s lease of 200,317 square feet at Traverse Mountain, and SolutionReach’s lease of 147,000 square feet at Thanksgiving Point.

Jan
7
Salt Lake County Retail Market Ends the Year Strong, As New Developments Continue to Shape 2016

retail

Salt Lake City, Jan. 7, 2016 – According to Cushman & Wakefield/Commerce, the retail market in Salt Lake County finished 2015 on a strong note with an overall vacancy of 5.8 percent compared to 6.2 at the end of 2014, leaving high expectations for continued growth in 2016.

Jan
6
Cushman & Wakefield/Commerce Expands Its Boise Office with the Addition of Three Brokers and One Retail Team Support Staff

BOISE, Jan. 4, 2016 – Cushman & Wakefield/Commerce today announced the addition of four new members to the Boise team.

“We are delighted to have three brokers and one dedicated admin join our Boise team,” said Tim Reid, Market Leader of Cushman & Wakefield/Commerce Idaho. “We are particularly pleased to see the retail team grow its ranks. The retail segment of the market in Idaho is very strong and Cushman & Wakefield/Commerce is seen as the go-to team for retail clients. Each new person is joining us with their own unique expertise and successes; we are very excited to have this new talent work with us to maximize our growth and impact on the market in 2016.”

Dec
17
New Southwest Salt Lake County Developments Create Opportunity to Increase Expansion for Retail Space

11800sMountainViewCorridor_landscape_Flyer_Page_3

SALT LAKE CITY- Dec. 16, 2015- As the population in Utah continues to increase, Cushman & Wakefield/Commerce is reporting a rapid growth of retail opportunities as the development of residential housing spikes in the southwest portion of Salt Lake County. In response to this rapid increase in housing, Cushman & Wakefield/Commerce is working with Anthem Commercial on new development and expansion of retail space west of Daybreak.

Dec
9
Cushman & Wakefield Industrial Research MarketNote: Holiday Shopping Season Off to a Good Start – Strong e-Commerce Sales Bode Well for the Industrial Sector

industrial

KEY TAKEAWAY

Online sales grew 25.2% year-over-year during the four-day Thanksgiving weekend, traditionally the kickoff of the U.S. holiday shopping season, according to data from IBM. On Cyber Monday, shoppers spent more than $3 billion online, making it the biggest online shopping day. According to comScore, shopping by phone, laptop or tablet jumped 21% to $3.11 billion, the sixth year in a row that Cyber Monday has been the top online sales day on record. U.S. online retail sales are projected to reach $334 billion by year-end and anticipated to total $480 billion by 2019. In the third quarter, online sales accounted for 7.4% of all retail sales in the nation, but that is projected to increase to about 15% during the holidays.

Dec
3
Cushman & Wakefield/Commerce Announces the Promotion of Dan Palmeri to Senior Director

Palmeri_Dan

LAS VEGAS, Dec. 3, 2015 – Cushman & Wakefield/Commerce is proud to announce the promotion of Dan Palmeri from Director to Senior Director. As a 13-year resident of Las Vegas, Palmeri originally joined Cushman & Wakefield/Commerce in 2012.

Dec
2
Cushman & Wakefield/Commerce Doubles Size of Las Vegas Brokerage Team, Expands Property Management Capabilities

Cushman Wakefield_501 Studios_11_29_15 _ 7900 - Copy

Rapid expansion to serve Southern Nevada’s growing commercial real estate needs

LAS VEGAS, Dec. 2, 2015 – The Las Vegas office of Cushman & Wakefield/Commerce has entered into a new growth phase with the addition of 10 new brokers on top of a major expansion of its commercial property management portfolio. The company now has 26 brokers in the market and manages 1.16 million square feet of assets in Southern Nevada.

Dec
1
Cushman & Wakefield/Commerce Las Vegas Brings on Retail Broker as Director

LAS VEGAS—Nov. 24, 2015—Cushman Wakefield/Commerce is proud to announce the addition of Lauren Tabeek, CCIM to the Las Vegas retail team. Tabeek is a native of the Pacific Northwest, but has been a resident of Las Vegas since 1999 and has more than nine years of brokerage experience serving and expanding the retail landscape of the city.

Dec
1
Multi-Family Property Team Joins Las Vegas office of Cushman & Wakefield/Commerce

LAS VEGAS—Nov. 24, 2015—Carl Sims and Taylor Sims have joined Cushman & Wakefield/Commerce as a new multi-family investment team. This father/son team brings more than 34 years of experience, Carl joins as executive director and multi-family specialist and Taylor joins a director and multi-family specialist.

Nov
30
Jennifer Levine and Elizabeth Moore Join Cushman Wakefield/Commerce as Powerhouse Industrial Properties Team

LAS VEGAS- Nov. 24, 2015- Jennifer Levine, CCIM and Elizabeth Moore have joined Cushman Wakefield/Commerce as directors of industrial properties in Las Vegas representing buyers, sellers, landlords and tenants.

Nov
30
Cushman & Wakefield/Commerce Welcomes Senior Tenant and Landlord Representation Office Team

LAS VEGAS—Nov. 24, 2015—Cushman & Wakefield/Commerce welcomes Jayne Cayton, senior director and Matt Kreft, senior associate to the Las Vegas office. Cayton and Kreft join the firm as office specialists focusing on both tenant and landlord representation.

Nov
25
Residential Construction and Job Growth in Utah Fuel Retail Commercial Real Estate Growth

retail

SALT LAKE CITY—Nov. 24, 2015—According to the Cushman & Wakefield/Commerce third quarter MarketBeat Retail Snapshot, the outlook for the retail industry in Salt Lake remained strong, with lease rates moving higher as new product becomes available.

Nov
19
Bellevue Office Market Improves Through Third Quarter 2015

New Picture - Copy

SEATTLE, Nov. 19, 2015 – The latest report from Cushman & Wakefield/Commerce shows Bellevue central business district (CBD) vacancy improving as rates continued to drop throughout third quarter. Fourth quarter should experience even lower vacancy.

Nov
18
Bellevue Industrial Market Reaches Lowest Rate in Vacancy Since the Recession

New Picture

SEATTLE, Nov. 18, 2015 – The latest research from Cushman & Wakefield/Commerce shows a strong third quarter for the Bellevue industrial market as vacancy numbers continued to drop.

Nov
16
Maier Siebel Baber’s new Lone Peak Center generating strong interest from corporate occupiers

SALT LAKE CITY, Nov. 16, 2015 – Cushman & Wakefield |Commerce announced today a number of new occupiers in the newly rebranded Lone Peak Center—Maier Siebel Babel’s (MSB) multi-phase, nine-building campus renovation in Draper, Utah.

Nov
16
Cushman & Wakefield Industrial Research MarketNote: Robotics and the Changing Distribution Landscape

ind

KEY TAKEAWAY

Robotics use in both manufacturing and logistics is on the rise. With the U.S. automobile assembly industry leading in the use of robotics, automation has been key to onshoring in manufacturing. In the first quarter of 2015, the sale of industrial robotics for automobile components increased by 66% compared with the previous year. The use of robotics in the logistics and distribution industry is increasing, but there are obstacles to more expansive implementation, including, for example, the diverse picks inherent to e-commerce orders, a wide range of product dimensions in the “endless aisle,” and the long break-even period to recoup robotics investments.

Nov
13
Paula Lea Awarded CCIM Designation, October 29 in Austin, Texas

lea_paula

Las Vegas, NV October 30, 2015 – Paula Lea, CCIM, Associate Director, Cushman & Wakefield | Commerce, Las Vegas, has been awarded the Certified Commercial Investment Member (CCIM) designation by the CCIM Institute. The designation was awarded during the Institute’s Annual Governance meetings Oct. 29 in Austin, Texas.

Nov
12
Commercial Real Estate Investment Sales in Utah on Track to Eclipse 2014’s Record-Breaking Year

SALT LAKE CITY—Nov. 12, 2015—Utah commercial real estate investment sales were up more than 55 percent, according to Cushman & Wakefield | Commerce’s third quarter MarketBeat Investment Snapshot.

Nov
6
Jonathan Owens of Cushman & Wakefield | Commerce Honored as One of Utah Business’s Twenty in Their 20s

Owens_Jonathan

SALT LAKE CITY—November 5, 2015—Jonathan Owens of Cushman & Wakefield | Commerce is being honored with Utah Business Magazine’s inaugural Twenty in Their 20s award. This distinction is an annual award given to Utah’s most ambitious, young professionals.

Oct
30
Cushman & Wakefield | Commerce Brokers Land Purchase for Future Boutique Hotel on Regent Street

RegentSt_LongView_15-0825

SALT LAKE CITY—October 29, 2015—Cushman & Wakefield | Commerce today announced it has closed negotiations for the successful purchase of a downtown parcel and future site of the boutique, 251,810 square-foot Regent Street Hotel, envisioned to be Salt Lake City’s finest hotel once completed.

Oct
28
C&W Industrial Research MarketNote: Port of Houston – The Port that Built the City

New Picture

KEY TAKE AWAY

Port of Houston is one of the busiest ports in the world, moving more than 200 million tons of cargo each year through southeast Texas. In containerized traffic volume based in total TEUs, the port ranked 8th in 2014 among the 10 ports in the U.S., ranks first in U.S. foreign port tonnage and is the largest port along the Gulf Coast with a 67% share of all container traffic. The completion of the Panama Canal will expedite new opportunities for U.S. trade along the Gulf Coast ports, which will likely see greater export opportunities. As a result, traffic through the Port of Houston is expected to grow 10-15% during the next few years.

Oct
28
Greater Seattle Office Market Stays Strong through Third Quarter

SEATTLE ─ October 28, 2015 ─ According to the latest research from Cushman & Wakefield | Commerce, activity in the Seattle central business district (CBD) office market continued to be very strong in third quarter with vacancy numbers dropping, showing promise for a strong fourth quarter.

Oct
28
Cushman & Wakefield | Commerce Releases Notable Northern Utah Q3 Commercial Real Estate Transactions

Salt Lake City, Utah–10/28/15–Third quarter of 2015 showed great promise pertaining to the growth and continued forward momentum of the Northern Utah commercial real estate market. Cushman & Wakefield | Commerce announced a number of transactions in and around the Ogden area, as well as in Salt Lake City.

Oct
26
Utah’s Tech-Highway Driving Market’s Highest Rate of New Office Construction on Record

lehimap

SALT LAKE CITY—October 26, 2015—An unprecedented influx of new and expanding business along I-15’s narrow, eight-mile Draper-Lehi connection is fueling the largest office construction boom in Utah’s history.

Oct
26
Utah’s Economy: A Brief Look at Job Growth in Two of Utah’s Fastest Growing Counties

utecon

Both Utah and Washington Counties have had exceptional job growth over the past several years. Seldom does a county achieve double-digit growth in employment, but for three consecutive years (2004-2006) prior to the Great Recession, Washington County’s job market averaged 10 percent growth. At the time, Washington County had a labor market of 50,000 jobs. That level of growth is extraordinary, even for a county with a small employment base. No other major county in Utah’s history has had a similar period of sustained, high level job growth.

Oct
16
Salt Lake Industrial Market Shows Incremental Changes in Q3

Salt Lake City, Utah–10/13/15–The Salt Lake County commercial real estate market has seen incremental change across the board in third quarter of 2015. A new report from Cushman & Wakefield | Commerce reaffirms the ongoing growth in the industrial sector, in particular.

Oct
8
Salt Lake City Office Market Sees Unusually High Activity in Q3, 2015

Q3_Commercial_Real_Estate_Utah

Salt Lake City, Utah–Oct. 8, 2015–According to the latest market stats, Salt Lake County’s office real estate sector has seen a strong surge of activity during third quarter of 2015. There is normally a lull in leasing during this time of the year, which has not been the case. For current and historic market reports see http://www.comre.com/research.

Oct
6
Alison Beddard of Cushman & Wakefield | Commerce Appointed President-Elect of CREW Network’s National Organization

Beddard_Alison

SALT LAKE CITY—October 02, 2015—Alison Beddard, Director of Office and Investments of Cushman & Wakefield | Commerce has been appointed to represent CREW (Commercial Real Estate Women) Network as the national organization’s 2016 President-Elect. She receives her formal recognition today, as part of the 2015 CREW Network Convention and Marketplace, being held in Bellevue, WA from Sept. 30 to Oct. 4, 2015.

Sep
29
Utah’s Economy: Jobs and Utah’s Hot Office Market

utecon

Over the past six months, (since February) Utah has led the country in job growth, reporting employment increases of 4.0 percent or more. July had the largest increase of 4.5 percent 59,100 additional jobs – an all-time monthly high, Figure 1. Three sectors leading job growth are 1) leisure and hospitality, 2) professional and business services, and 3) health services and private education, Table 1. These three sectors account for 60 percent of the job growth in Utah over the past year. Their growth has had a substantial impact on the level of nonresidential construction particularly new office construction.

Sep
15
Dana Baird recognized as an “empowered woman leading downtown Salt Lake City’s renaissance”

Baird_Dana

Congrats to Dana Baird for being recognized as one of six commercial real estate women changing downtown Salt Lake City.

Sep
8
Cushman & Wakefield | Commerce Negotiates 89,728 Square Foot Sublease in Sunrise Industrial Park

LAS VEGAS—Sept. 8, 2015—Cushman & Wakefield | Commerce today announced it successfully negotiated the sublease of a large industrial building adjacent to the I-15 highway, facilitating a transaction for sub-lessor Global Equipment Company (GEC) and sub lessee VMinnovations.

Aug
25
Industrial becomes particularly attractive north of the strip

aogden

Steffen_Danielle

By Amy Ogden – Director, Cushman & Wakefield | Commerce and Danielle Steffen – Director, Cushman & Wakefield | Commerce

The Southern Nevada industrial market has continuously seen improvement through the second quarter of 2015 with a positive absorption of 878,151 square feet. The overall vacancy rate followed suit and decreased to 8 percent – down 2.1 points from the 12 previous months, which ended at 10.1 percent. The asking lease rates also increased to an average of $6.38 – up almost 10 percent in the fourth quarter of 2014 when it stood at $6.16.

Aug
25
Cushman & Wakefield | Commerce Adds Commercial Real Estate Office Associate to Seattle Team

bettermancrop

SEATTLE, WA—August 25, 2015—Cushman & Wakefield | Commerce has added Matthew Betterman to its Seattle-based office market advisory team.

Aug
25
Cushman & Wakefield | Commerce Adds Industrial Commercial Real Estate Associate

foleycrop

SEATTLE, WA—August 24, 2015—The Seattle office of Cushman & Wakefield | Commerce has added Ryan Foley to its team. Ryan will serve as an associate for the organization, specializing in the industrial market in the Puget Sound area.

Aug
21
Cushman & Wakefield | Commerce Promotes DJ Thompson to Associate Director

Thompson_DJ

BOISE, ID—Aug. 20, 2015—Cushman & Wakefield | Commerce announced today the promotion of DJ Thompson to Associate Director. Thompson earned his promotion by attaining exemplary percent-of-quota sales benchmarks and securing the organization’s 2015 Lease of The Year Award.

Aug
10
Cushman & Wakefield | Commerce Las Vegas Office Negotiates Lease of Former Military Building

Picture of 4524 Lawrence Street

LAS VEGAS—Aug. 10, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced a long-term industrial lease for the office/warehouse facility located at 4524 Lawrence Street in North Las Vegas, Nevada to the Shred-It Corporation. The property was built in 1998 for the U.S. Corp of Engineers and the U.S. Army Reserves. Curtis Sanders, Director with Cushman & Wakefield | Commerce, exclusively represented the landlord and was the listing broker of the property.

Aug
5
Steve Tate Joins Cushman & Wakefield | Commerce as Senior Director of Salt Lake City Retail

Tate_Steve

SALT LAKE CITY—August 05, 2015—Cushman & Wakefield | Commerce welcomes the addition of Steve Tate as Senior Director of its Salt Lake City Retail division.

Aug
3
Rapid Growth of Health-Tech Company Part of Ongoing Commercial Real Estate Trends in Northern Utah County

Thanksgiving4Rendering_15.02.18

SALT LAKE CITY—July 27, 2015—Cushman & Wakefield | Commerce announced today the pre-lease of two top floors of Thanksgiving Station 4, a 61,594 square foot “Class A” office space located at 2100 W. Ashton Blvd., in Lehi, UT. Jeff Rossi, Executive Director with Cushman & Wakefield | Commerce’s Tenant Advisory Group, represented the occupier, Prosper Healthcare Lending (PHL), to make room for its rapidly expanding health financing services.

Aug
3
Cushman & Wakefield |Commerce Boise Office Brings On New Broker Admin

Fratusco, BreeAnna, 1

BOISE, ID—July 28, 2015—Cushman & Wakefield | Commerce today announced that it is expanding the Boise team with the addition of BreeAnna Fratusco as a Broker Admin. In this position, she will provide support to brokers in the sale and lease of commercial real estate properties in the Boise area.

Jul
23
Utah’s Economy: Housing Prices and Job Growth Accelerate in the Second Quarter

New Picture

Housing price increases have accelerated over the past year. In the third quarter of 2014 the statewide price increase was 2.3 percent, followed by 4.3 percent in the fourth quarter, 5.0 percent in the first quarter of 2015 and 7.9 percent in the second quarter. Among the five major counties Weber County leads with a gain of 13.5 percent in the second quarter. Weber County’s affordable housing has attracted more buyers – home sales were up 25 percent in the second quarter – pushing up prices. Despite the sizeable recent price jump, home prices in WEber County are far below prices in the the other major counties and the statewide median. In the second quarter of 2015 Weber County’s median sale price was 25 percent below the statewide median.

Jul
22
Land Acquired for Massive Luxury Apartment Complex in St. George, UT

02 - Main Entrance - straight on (2)

ST. GEORGE, UTAH—July 22, 2015—The St. George, Utah office of Cushman & Wakefield | Commerce today announced it has brokered the sale of 11.37 acres of land for the development of the Grayhawk Apartments at River’s Edge, which with 244 units, will be one of the largest apartment complexes in the St. George area.

Jul
21
High Value Office Building Turns Over Quickly in Salt Lake City’s Downtown Market

6

SALT LAKE CITY—July 21, 2015—Cushman & Wakefield | Commerce is pleased to announce the sale of the 175 South West Temple multi-tenant Office Building, located in the Central Business District (CBD) of Salt Lake City, Utah. Kip Paul, Executive Director of Investments with Cushman & Wakefield | Commerce, represented Del Mar Partners as the seller. The buyer was Stoltz Real Estate Partners, located in Pennsylvania.

Jul
21
Leases and Investment Sales of Fast Food and Quick Serve Restaurants Expanding Rapidly in Boise

Boise, Idaho—July 20, 2015—The Boise, Idaho office of Cushman & Wakefield | Commerce today announced the sale of multiple fast food and quick serve restaurant (QSR) net leased investments throughout Boise.

“We are seeing numerous long-term fast food and quick serve restaurant leases throughout Boise,” said Tim Reid, market leader of Cushman & Wakefield | Commerce. “The high volume of transactions demonstrates the trend of higher dollar, long-term lease deals in this market. As Boise continues to grow and attract new entrants into the area, leases and investments in this sector will continue to experience growth.”

Jul
16
It’s about more than who you know – Boise commercial real estate

Thompson_DJ

By: DJ Thompson, Associate – Office Specialist, Cushman & Wakefield | Commerce

We’ve all heard of the term “six degrees of separation.” Well, in Boise this phenomenon is more like one degree. Because of this fact, everyone knows a real estate agent or is one degree from knowing one.

Jul
15
Rise of Commercial Real Estate in Park City, Utah – Infographic

ParkCityInfographic

Pre-recession, before 2008, Park City commercial real estate experienced a sellers’ market. During the recession (2009 – 2013) sales were minimally limited with many deemed as “must sell,” distressed or insolvent developments due to loan defaults, banks pulling funding, or simply not lending at all. Rising out of the recession in 2013, Vail Resorts purchased The Canyons in May, stimulating positive movement in both residential and commercial sales in the area.

Jul
15
Twin Creek Apartments Transaction Means Good News for Utah Investors

Ogden, UTAH—July 15, 2015—The Ogden, Utah, office of Cushman & Wakefield | Commerce today announced an apartment transaction of Twin Creek Apartments in Logan.

Jul
14
C&W Industrial Research MarketNote: Major Infrastructure Investment Will Position Mexican Ports for Future Growth

New Picture (14)

KEY TAKEAWAY

Mexico’s growing importance in the continental supply chain is now being recognized by North American transportation groups. Collectively, Mexican ports led the North American container trade in 2014 with 3.5% year-over-year growth, followed by U.S. ports, with 2.6% growth, and Canadian ports, up 1.6%. Mexican ports led the growth in import volume, with a 9.2% year-over-year increase, outperforming overall North American inbound growth of 6.4%. In the past two decades, commercial cargo in Mexico has grown twice as fast as the nation’s GDP. Mexico’s surge into automobile and parts manufacturing is clearly increasing in pace. In 2014, light vehicle manufacturing in Mexico reached a record high with three million vehicles produced and the country ranked ast the seventh largest producer of light vehicles in 2014. As Mexico’s rising middle class demands more imports and the country rises as a regional manufacturing powerhouse, the Mexican government is pumping US$5 billion into its network of ports to keep pace with growth.

Jul
13
First ever CREW Utah Scholarship – made possible by generous gift from benefactor, Kip Paul

15-0708 - CREWUtahScholarship

SALT LAKE CITY—July 13, 2015—Kip Paul of Cushman & Wakefield | Commerce exceeded his original commitment to match all funds raised at CREW Utah’s 3rd Annual Gala by generously committing $25,000 to CREW Utah’s first ever scholarship program. Mr. Paul will donate of $5,000 per year for five years to provide local scholarships to women considering a career in the commercial real estate industry.

Jul
10
C&W Industrial Research MarketNote: Cold Storage Industry has Experienced Continuous Growth in Overall Capacity

ind

KEY TAKEAWAY

Growth in the cold storage industry largely depends on household income and consumer spending. With both on the upswing since the end of the recession, growth in U.S. cold storage capacity has increased by an annual average rate of 9.3% since 2008. The cold storage industry is a very specific niche within the warehouse and distribution sector, playing a key role in the food and pharmaceutical sectors. These buildings are expensive to finance, purchase, and operate. The North American inventory is controlled by only a handful of owners – nearly 50% is controlled by just five players. A majority of these assets rarely trade in part because a significant percentage of the inventory is outdated and have limited appeal to users and investors who seek modern facilities with highly specialized improvements.

Jul
9
Heber City Land Deal to Bring Outside Retailers to Utah Market

Park City, UTAH—July 9, 2015—The Park City, Utah, office of Cushman & Wakefield | Commerce today announced a land transaction that took place in neighboring Heber City.

Jul
9
Cushman & Wakefield | Commerce Brokers the Sale of the Green Valley Professional Center & Civic Center in Henderson, NV

gvpc_press_release

LAS VEGAS—July 9, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced it has closed the $5,500,000 sale of the office property known as Green Valley Professional Center & Civic Center. The office complex located at 2501-2651 North Green Valley Parkway, Henderson, NV, included six buildings totaling 109,630 square feet on 9.28 acres.

Jul
8
Utah Seeing Unprecedented Commercial Real Estate Trends for Second Quarter 2015

SaltLakeQ22-15

SALT LAKE CITY—July 8, 2015—The commercial real estate market in Salt Lake City is continuing the year with strong numbers, particularly in rental rates and the high level of new space under construction, according to the latest office market statistics from Cushman & Wakefield | Commerce.

Jun
30
C&W Industrial Research MarketNote: Cold Storage Industry has Experienced Continuous Growth in Overall Capacity

New Picture (1)

KEY TAKEAWAY

Growth of the cold storage industry largely depends on household income and consumer spending. With both on the upswing since the end of the recession, growth in U.S. cold storage capacity has increased by an annual average rate of 9.3% since 2008. The cold storage industry is a very specific niche within the warehouse and distribution sector, playing a key role in the food and pharmaceutical sectors. These buildings are expensive to finance, purchase, and operate. The North American inventory is controlled by only a handful of owners – nearly 50% is controlled by just five players. A majority of these assets rarely trade in part because a significant percentage of the inventory is outdated and have limite3d appeal to users and investors who seek modern facilities with highly specialized improvements.

Jun
30
Cushman & Wakefield | Commerce Adds New Research Specialist to Seattle Team

Lloyd_Rebecca

SEATTLE—June 30, 2015—Cushman & Wakefield | Commerce today announced Rebecca Lloyd has joined the Seattle office as the Research Specialist for the Cushman & Wakefield | Commerce Seattle office.

Jun
30
Cushman & Wakefield | Commerce Adds New Office Specialist to Boise Team

Smith, Chrissy

BOISE—June 29, 2015—Cushman & Wakefield | Commerce today announced Chrissy Smith as a new Office Specialist with the Boise office, representing the commercial real estate objectives of both tenants and building owners.

Jun
23
Cushman & Wakefield | Commerce Adds New Senior Director to Seattle Industrial Team

Jensen_3x5 (2)

SEATTLE—June 22, 2015—Cushman & Wakefield | Commerce today announced the Seattle office has grown with the addition of a new Senior Director, Brie Jensen.

Jun
19
Seattle’s CBD Gains in Popularity with Office Users

Christian_Matt

By Matt Christian, Executive Director, Cushman & Wakefield | Commerce

The Seattle office market has been a shining example of strength and solidity. Compared to the U.S. job rate, which expanded by 2.4 percent over the past year to drop the unemployment rate to just 5.5 percent, the Seattle-Tacoma-Bellevue Metropolitan Statistical Area is looking good. Seattle added jobs at a rate of 3.1 percent in the first quarter of 2015. It also saw employment gains in every category. The unemployment rate remained in line with the U.S. rate at 5.5 percent. Construction led all job sectors with 12.6 percent growth, followed by professional and business services at 4.2 percent.

Jun
19
Utah’s Economy: Retail Sales Near Full Recovery

New Picture

In retrospect the surge in retail sales during the 2004-2007 period should have been a warning that not all was well with the household balance sheet. Over three years retail sales increased 20 percent, far out pacing wage increases. Debt fueled the historic increases in Utah’s retail sales and as the recession deepened retail sales retreated by 20 percent, wiping out the unsustainable pre-recession gains. By 2010 retail sales in Utah had fallen back to inflation adjusted 2004 levels.

Jun
17
C&W Research: May Employment Report – Above the Trend

New Picture

The U.S. economy added 280,000 jobs in May, continuing the bounce back from the first quarter slowdown. Since the end of 2014, the economy has added 1.1 million jobs.

Importantly, there are signs of emerging shortages of workers which are starting to put upward pressure on wages. Faster wage growth is expected be an important contributor to economic growth in 2015.

Jun
17
C&W Industrial Research MarketNote: With New Construction Demand, Where do the Older Buildings Stand?

New Picture

KEY TAKEAWAY

Across the United States, tenants are demanding quality industrial space t keep up with new technological advances and logistical processes. Floor plates are getting larger and ceiling heights are getting higher, all to meet the new tenant expectations. As new speculative and build-to-suit construction on warehouse/distribution facilities continues to grow, have the older building been cast aside? In some surprising ways, a review of the current industrial inventory tells a far more complex story.

Jun
15
Cushman & Wakefield | Commerce Bids Farewell to Monty Montierth, 1944-2015

Montierth_Monty

LAS VEGAS—June 15, 2015—Monty Montierth, a senior director in the Las Vegas office of Cushman & Wakefield | Commerce passed away peacefully at his home this week. Montierth, 71, was a highly trusted and well-respected commercial real estate professional.

Jun
10
Cushman & Wakefield | Commerce Negotiates Sale of Sagewood Plaza in Park City

sagewood 008

PARK CITY, UTAH—June 9, 2015—Cushman & Wakefield | Commerce today announced that it has brokered the sale of the Sagewood Plaza, a retail/office property located at 6300 N. Sagewood Dr.

Jun
10
Cushman & Wakefield | Commerce Provides New Listing Details for Governors Point Property

Westerly Aerial 10-26-10

Seattle, WA—JUNE 9, 2015—Cushman & Wakefield | Commerce today announced that Governors Point, a one-of-a-kind Puget Sound waterfront estate property with more than 125 acres, has a new listing price and new development possibilities.

Jun
3
Cushman & Wakefield | Commerce acquires 1 million sq. ft. managed portfolio from Integris Realty Services

Headshots 080210 023

David Jewkes rejoins CWC to restart management business in Las Vegas

LAS VEGAS, NEVADA (June 3, 2015) — Cushman & Wakefield | Commerce announced today its acquisition of a one million sq. ft. managed portfolio from Integris Realty Services LLC. The portfolio includes management contracts for retail, office and industrial assets in Las Vegas, Nevada. Joining CWC as part of the acquisition will be Integris Realty Services’ founder David Jewkes and Regional VP Stacy Blattner, RPA.

Jun
3
C&W Industrial Research MarketNote: Geographic Changes in North American Automotive Industry

New Picture

KEY TAKEAWAY

While the Great Lakes region will continue to be the leading location for the automotive industry, companies are clearly expanding their horizons (and U.S. site selection) well beyond the traditional upper Midwest corridor and finding ample opportunity throughout the South and Southeast. For decades, Michigan, Ohio, and Indiana have dominated the automotive industry within the U.S., accounting for half the automotive jobs in 1980. While still accounting for the bulk of the automotive sector jobs in 2014 (40%), there has been a slow but inexorable shift toward southern states and Mexico that has taken place during the past several decades.

Jun
3
C&W Research: Retail Sales 2015, It’s All About the Gas

retail sales

U.S. retail sales for April, 2015 were estimated to have been unchanged from March and down 1.1% from the level reached in November, 2014. However, an important reason for this decline was the drop in gasoline prices. If we adjust for changes in gasoline and other prices, retail sales are actually up about 1.0%. consumer spending is not booming, but it’s also not as weak as the reported data suggest.

Jun
1
Cushman & Wakefield | Commerce Lands Property Management Contract for Historic Seattle Office Building

cover

SEATTLE—June 1, 2015—The Seattle office of Cushman & Wakefield | Commerce today announced that it has been awarded the property management contract for the Central Building located at 810 3rd Avenue in Seattle by the owners, KBS Strategic Opportunity REIT, and affiliate of KBS in Newport Beach, California.

May
27
Keeping Up with Investment Demand in the Treasure Valley

Hume_LeAnn

By: LeAnn Hume, CCIM, CLS, is Senior Director – Retail/Investment Specialist with Cushman & Wakefield | Commerce leann.hume@comre.com

If i had to pick the term most used in commercial real estate in the past 18 months, it would be “cap rate.” What is cap rate and what is its impact in terms of today’s commercial real estate market? It takes years of experience to truly be versed in cap rate as it relates to commercial real estate. Simply put, cap rate is the relationship between Net Operating Income on a property and the value of that asset. NOI/Value = Cap Rate.

May
27
Cushman & Wakefield | Commerce Adds New Associate Industrial Specialist to Boise Team

Sawyer_Harrison

BOISE—May 27, 2015—Cushman & Wakefield | Commerce today announced the Boise office has grown with the addition of a new Associate Industrial Specialist, Harrison Sawyer.

May
26
Las Vegas Commercial Real Estate Saw an Increase in Demand Q1, 2015

New Picture

Las Vegas—May 26, 2015—The Las Vegas office of Cushman & Wakefield | Commerce released its Marketbeat Snapshot reports for Q1 of 2015. The reports detail office, industrial and retail sectors of commercial real estate in the Las Vegas area.

“A positive job market and an increase in investor confidence translated into gains in commercial real estate in Southern Nevada,” said Michael Dunn, Market Leader of the Cushman & Wakefield | Commerce Las Vegas office. “Las Vegas continued its recovery at a faster pace than the overall U.S. economy with momentum continuing to slowly build across all product types. Jobs were added at 2.7 percent over last year. Demand for retail space is on the rise, the office sector saw the highest net absorption in years and the industrial market is in a solid growth mode.”

May
26
Camron Carpenter Promoted to Director at Cushman & Wakefield | Commerce

Carpenter_Camron

SALT LAKE CITY—MAY 26, 2015—Cushman & Wakefield | Commerce today announced that Camron Carpenter, an industrial specialist in the firm’s Salt Lake City office, has been promoted to Director of Industrial Services.

May
22
Utah’s Economy: Dissecting Utah’s Demographic Growth

utah econ

Utah is well known for its demographic growth. For decades the state has been one of the fastest growing states in the country. And when compared to the 11 western states Utah ranks near the top. From 2010 to 2014 the population of Utah increased by 6.5 percent, tied with Colorado for the most rapidly growing western state during the economic recovery. Utah’s demographic growth however is unique. In Utah demographic growth is largely driven by natural increase (birth minus deaths) not net in-migration, a well-worn observation. Natural increase and net migration are the two components of population change.

May
22
C&W Industrial Research MarketNote: Despite Increase in Spec Development, Demand for BTS Remains Strong

industrial

KEY TAKEAWAY

Although speculative development is reaching pre-recession highs in many U.S. markets, large occupiers continue to prefer the build-to-suite (BTS) route. In 2013-2014, there were 16 BTS transactions over 1 million square feet. Some of the reasons for this preference include the desire for some occupiers to own their own buildings and developers’ unwillingness to sell and also, a greater freedom of customization only available in buildings they own. Because of these reasons, developers are making many changes to the way they build speculative distribution centers in hopes of attracting users that would otherwise pursue a build-to-suite approach.

May
18
Dana Baird, Executive Director Selected as Utah Business’ 30 Women to Watch

Baird_Dana

Dana Baird
Executive Director, Cushman & Wakefield | Commerce

Dana Baird loves a challenge, from completing a simple deal to putting the pieces of a complicated transaction together. That’s why it’s no surprise that she has consistently been a top three producer at Cushman & Wakefield | Commerce in the last five years.

In addition, her team has consistently been at the forefront, producing over 1.5 million square feet totaling $275 million of executed deal transactions on an annual basis. “I thoroughly enjoy the people I work with, as well as guiding my team to success,” she says. “There is excitement in having an impact on Utah’s ever changing economy.”

May
15
2015 Q1 MarketBeat Bellevue Industrial Snapshot: Upward Pressure on Rents Expected as Vacancy Continues to Slide Down

bellevueindustrial

The Eastside industrial market started the year with positive, if mild, improvement, with a combined 487,121 square feet of leasing activity. Across all submarkets, the overall vacancy rate declined by 1.1 percentage point on a year-over-year basis. The Woodinville/522 Corridor and Bothell submarkets led the way with year-to-date leasing activity of 169,224 square feet and 89,388 square feet, respectively.

May
15
2015 Q1 MarketBead Seattle Industrial Snapshot: Industrial Developers Will Continue to Bring Product to the Market as Lease Rates Increase

seattleindustrial

The Kent Valley had a strong first quarter, experiencing almost 526,000 square feet of direct absorption across all submarkets. although down compared to an abnormally high Q1 2014, leasing activity was a respectable 910,144 square feet, with the most activity occurring in the Kent, Aubura, and Sumner submarkets.

May
15
2015 Q1 MarketBeat Las Vegas Industrial Snapshot: Southern Nevada Industrial Market Completes Thirteenth Straight Quarter of Positive Absorption

industrial

Southern Nevada’s industrial market completed its thirteenth straight quarter of positive absorption, absorbing 1,132,600 square feet during Q1 2015. The overall vacancy rate continued to plummet, dropping by 5.5 percentage points putting upward pressure on lease rates which increased by 5.7%.

May
15
2015 Q1 MarketBeat Las Vegas Retail Snapshot: Demand is on the Rise with Decreased Vacancy and Increased Lease Rates

retail

Southern Nevada’s retail market slowed modestly from prior quarters but continued to improve with 87,204 square feet of positive absorption. The overall vacancy rate declined by 0.6 percentage points on a year-over-year basis representing a very resilient market when considering the just over 2.1 msf of new product that was added to the market over that same period. Lease rates climbed by 11.5% over the last year showing that demand is on the rise.

May
5
Cushman & Wakefield Research: 2015 – 2017 United States Office Overview & Forecast

office

Cushman & Wakefield’s 2015-2017 US Overview & Forecast is now available. The U.S. office market ended 2014 on solid footing and is poised for even stronger growth through 2017. The economic environment over the next three years will be the best for the office real estate sector in more than a decade. The combination of rising employment and total income, strong consumer spending and business investment growth will likely lead to strong demand across all property types. Although the occupier trend toward efficiencies is expected to continue, with fewer square footage allocated per employee, job growth will be strong enough to drive down vacancies.

May
5
C&W Industrial Research MarketNote: E-Commerce Boom Driving Big-Box Industrial Demand & 3PL Growth

KEY TAKEAWAY

indus

E-commerce continues to grow – total U.S. e-commerce sales for 2014 were estimated at $304.9 billion, an increase of 15.4% from 2013. Retail giants have long been expanding their omni-channel retailing. As online retail sales in the U.S. have been on the rise for the past 15 years, online retailers have opened more and in many cases, larger distribution and fullfillment centers around the country. In terms of square feet occupied, e-commerce related tenants have seen their footprints grow at a brisk rate in recent years.

Apr
28
2015 Q1 MarketBeat Bellevue Office Snapshot: Absorption Expected to Keep Vacancy Rates at Healthy Levels

bellevue_office

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

The Eastside started the year off relatively quietly, with 111,073 square feet of overall absorption at the end of the first quarter. Despite this slowdown, the overall vacancy rate continued to decline, dropping by 2.6 percentage points on a year-over-year basis while rents increased by 1.0%.

Apr
28
2015 Q1 MarketBeat Seattle CBD Office Snapshot: Asking Rental Rates are Expected to Continue Rising

seattle_office_cbd

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

The Seattle CBD showed improvement as the overall vacancy rate declined by 2.8 percentage points on a year-over-year basis. Asking rents continued to climb in all submarkets with an overall increase of 4.0%, while class A rent increased by 5.6%.

Apr
28
2015 Q1 MarketBeat Seattle Suburban Office Snapshot: Leasing Activity More Than Doubles Last Year’s Q1

seattle_suburban_office

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rat to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

The Southend office market continued to steadily improve, experiencing 163,473 square feet of leasing activity this quarter, more than double last year’s first quarter leasing activity. Asking rental rates were stable across the market.

Apr
28
Washington County Experiencing Increased Investment Sales as Investors Come Back into the Market

ST. GEORGE, UTAH—April 27, 2015—The St. George, Utah office of Cushman & Wakefield | Commerce today announced the sale of three investment properties in Washington County.

Apr
24
2015 Q1 MarketBeat Utah Investment Snapshot: Another Strong Year Expected, Demand for Investment Product Remains High

SLC_investment

OVERVIEW

-Total sales volume for first quarter is second only to last year’s historic start
-With the highest number of first quarter transactions since 2006, demand for investment product remains high
-Weighted-average cap rates on core property types (apartments, industrial, office and retail), remain at near-historic lows of 7.02%
-With a record eight properties exchanging at above $50 million last year, fewer trophy assets have been available, causing a decline in average sales price
-Another strong year is expected, with cap rates steadily compressing, demand for product will continue to outpace supply in the market

Apr
24
2015 Q1 MarketBeat Salt Lake City Retail Snapshot: Grocery Market Continues to be a Hot-Spot

SLC_retail

The retail market showed its strength as 162,003 square feet of space was absorbed during Q1 2015. This strong absorption pushed the overall vacancy rate down by 0.5 percentage point on a year-over-year basis to just 6.6%. During this same period, the average asking lease rates increased by 1.7% to $19.02 per square foot NNN.

Apr
23
C&W | Commerce White Paper: Apartment Affordability in the Salt Lake Area

apartment

RESPECT THE CYCLE

Real estate, despite making a strong comeback over the past couple of years continues to be on many peoples’ minds. The memory of 2006 is not easily forgotten and many questions are being asked with respect to the current condition of the apartment market. Dan Lofgren from Cowboy Partners recently used the term “respect the cycle” in a roundtable with Utah Business Magazine. Looking at where we have been, where we are now, an what is next, several questions come to mind. Can pricing be sustained for investors? Are rental rates increasing too quickly? Is supply and demand in check? What is different about this multi-family market than years past?

Apr
23
C&W Industrial Research MarketNote: Who Will Win the Global E-Commerce War?

indresearch

KEY TAKEAWAY

For a company that accounted for 80% of online commerce in China and achieved $370 billion in China retail GMV* (gross merchandise volume) in 2014, Alibaba has long hoped to expand its empire into the United States and is banking on its growth in China to compete with Amazon and eBay Inc. internationally. Focusing on expansion into the U.S. market, the Chinese e-commerce company launched its first direct-to-consumer online shop, called 11 Main, looking to take on Amazon.com and eBay on their home turf. However, in its current form, 11 Main is no match for America’s current online retail kingpins.

Apr
22
2015 Q1 MarketBeat Las Vegas Office Snapshot: Strong Absorption Throughout 2015 and Limited Product Will Push Vacancy Rates Down

New Picture

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Despite being one of the slowest areas to recover, Nevada continued to heat up with strong growth that has pushed the unemployment rate down by 1.3 percentage points (pps) over he last year to 7.1%. Job growth of 3.1% continued to exceed the U.S. average as 36,900 new jobs were added over the past year. Construction led all job categories in terms of percentage growth, up 5.3% on a year-over-year basis while leisure and hospitality experienced the largest nominal growth, adding 13,400 jobs.

Apr
21
C&W Research: Why We Expect Consumer Spending to Rebound

CWspending

The consumer is the most important contributor to the U.S. economy, currently accounting for approximately 68% of GDP. In the first quarter of 2015 severe winter weather caused consumer spending to slow. However, high confidence, rising incomes and low oil prices are expected to lead to stronger consumer spending in the second quarter and beyond.

Apr
21
Cushman & Wakefield | Commerce Boise office participates in Volunteer Month at the Idaho Foodbank

group

In the spirit of Volunteer Month this April employees and brokers of Cushman & Wakefield | Commerce, Colliers International and Thornton Oliver Keller Commercial Real Estate showed up to volunteer together during the Idaho Foodbank corporate volunteer challenge. They had fun and they helped bag a lot of nutritious oats for hungry Idahoans! Roughly 1,256 bags.

Apr
20
2015 Q1 MarketBeat Salt Lake City Industrial Snapshot: Industrial leasing activity increased by 8.2% over the same period in 2014

industrial

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last year, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Utah continued to outpace the overall economy, adding jobs at a rate of 4.2%, with employment gains occurring in nine out of 10 categories. With this job growth, the unemployment rate remained at 3.4%, which has caused job shortages in specific industries and occupations. For 2015, Utah is expected to see job growth of 2.8%, which would result in 37,200 new jobs.

Apr
20
2015 Q1 MarketBeat Salt Lake City Office Snapshot: Tech firms and VC funding major drivers of office expansion

office

The U.S. economy continued to add jobs at a high rate as job growth expanded by 2.4% over the last y ear, pushing the unemployment rate to just 5.5%. Even with stronger employment numbers, wage pressure remained moderate, mainly occurring in specialized jobs.

Utah continued to outpace the overall economy, adding jobs at a rate of 4.2%, with employment gains occurring in nine out of 10 categories. With this job growth, the unemployment rate remained at 3.4%, which has caused job shortages in specific industries and occupations. For 2015, Utah is expected to see job growth of 2.8%, which would result in 37,200 new jobs.

Apr
16
C&W Research: Wage Growth Will Accelerate in 2015, Driving Increased Demand for Real Estate

wagegrowth

Although wage growth has lagged in the current economic expansion, there are reasons to expect that this will change in the near future. Companies are looking to hire more people than at any time in the past 14 years and the numbers of unemployed continue to drop. This should lead to faster wage growth in 2015 and driving increased demand for real estate.

Apr
16
Utah’s Economy: Trends and Forecast for Utah’s Construction Sector

utecon

By far the most volatile employment sector over the last several years has been Utah’s Construction sector. In 2003 there were 67,000 construction jobs in the Utah economy, four years later employment had grown by 56 percent to 103,500. But this amazing run-up in employment was followed by three consecutive years of job losses which wiped out all the previous gains. Construction jobs fell by 38 percent from 2008 to 2010 in the most severe employment contraction of any sector in the Utah economy since the Great Depression.