Sep
12
Cushman & Wakefield Report Shows Apartment Market in Salt Lake City at Record Levels

SALT LAKE CITY, Sept. 12, 2017 — According to new research from Cushman & Wakefield Commerce, the apartment market in the Salt Lake City area is currently at historic levels. Mid-year figures show the vacancy rate is 2.6 percent, which is the lowest ever reported.

Sep
5
Cushman & Wakefield closes acquisition of partner firms in Minneapolis, Seattle, Salt Lake City, and Las Vegas markets

CHICAGO, September 5, 2017 – Cushman & Wakefield today announced it completed its acquisition of Cushman & Wakefield NorthMarq (CWN) in Minnesota and Cushman & Wakefield Commerce (CWC) operations in Nevada, Utah and Washington.

Aug
14
Press Release: Cushman & Wakefield to Acquire Partner Firms

Aug
2
Celebrating Ten Years of Service

Aug
2
William W. Krippaehne Jr. Joins Seattle Office of Cushman & Wakefield Commerce

SEATTLE, August 2, 2017 –Cushman & Wakefield Commerce today announced that William W. Krippaehne Jr. has joined the company as an executive director. He is adding his vast experience in commercial real estate to the Seattle team.

Jul
14
The Palmeri – Wainwright Team Sees Another Great Quarter!

LAS VEGAS, July 14, 2017 – The second quarter of 2017 in Las Vegas was another strong one for leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield Commerce. The team of Dan Palmeri, SIOR and Natalie Wainwright, which specializes in exclusively representing tenants with their leasing, acquiring, relocating, expansions and build-to-suit projects, secured 12 tenant lease transactions totaling 155,000 square feet with $25.4 million in lease values in Q2 2017.

Jul
13
Travis Healey of Cushman & Wakefield Commerce Achieves SIOR Designation from Society of Industrial and Office REALTORS®

SALT LAKE CITY, July 13, 2017 – Travis Healey Senior Director/Industrial – Industrial Brokerage at Cushman & Wakefield Commerce in Salt Lake City, has achieved the SIOR designation awarded by the Society of Industrial and Office REALTORS®.

Jul
5
Cushman & Wakefield Commerce and CBRE Negotiate 170,000 Square-Foot Health Care Clinic for the University of Utah in Downtown Sugar House

SALT LAKE CITY, July 5, 2017 – Cushman and Wakefield Commerce’s Alison Beddard and Peter Hanlon, in cooperation with CBRE’s Barb Johnson and Vic Galanis, led the representation and negotiation of the University of Utah Health’s new build-to-suit ambulatory care center in the heart of downtown Sugar House on behalf of the tenant. With a scheduled completion in mid-2019, the 170,000-square-foot site will house a consolidated specialty clinic which provides world-class outpatient services to citizens across the Salt Lake Valley.

Jun
28
Cushman & Wakefield Commerce Hires Jake Bowman as Operations Director; Promotes Matt Liapis to Head Research and GIS Functions

SALT LAKE CITY, June 28, 2017 – The Salt Lake City office of Cushman & Wakefield Commerce has added a new Operations Director and promoted Matt Liapis to Director of Research and GIS. Both roles will strengthen support for the brokerage and property management businesses as the company continues to grow in Salt Lake City.

Jun
26
Natalie Wainwright of Cushman & Wakefield Commerce Takes the Helm of CREW Las Vegas

Las Vegas—June 26 , 2017—Natalie Wainwright, Associate – Tenant Representative, Cushman & Wakefield Commerce in Las Vegas, has been elected president of Commercial Real Estate Women of Las Vegas (CREW LV), a vibrant and growing state chapter of the largest commercial real estate network dedicated to Influencing the success of the commercial real estate industry by advancing the achievements of women. She served the last 12 months as president-elect and begins her year as president on July 1, 2017.

Jun
26
Tom Freeman of Cushman & Wakefield Commerce Achieves SIOR Designation from Society of Industrial and Office REALTORS®

SALT LAKE CITY, June 26, 2017 – Tom Freeman, Executive Director – Industrial Brokerage at Cushman & Wakefield Commerce in Salt Lake City, has achieved the SIOR designation awarded by the Society of Industrial and Office REALTORS®.

Jun
15
Cushman & Wakefield Commerce Grows Las Vegas Team with the Addition of Kimberly Noack-Summers

LAS VEGAS—June 15, 2017—The Las Vegas office of Cushman & Wakefield Commerce has added industry veteran Kimberly Noack-Summers as a Director to its roster of seasoned industrial brokers. Summers specializes in industrial sales, leasing, development and investment sales.

Jun
14
NAIOP Utah Chapter Announces 2017-18 Board of Directors

Salt Lake City, UT – June 5, 2017 – NAIOP Utah, the Commercial Real Estate Development Association, is pleased to announce its Board of Directors for the June 1, 2017 through May 31, 2018 term.

Jun
9
Cushman & Wakefield Launches Inaugural ‘Tech Cities 1.0’ U.S. Report

SALT LAKE CITY—June 8, 2017— Seattle, Washington and Salt Lake City, Utah emerged as promising tech cities after San Jose (Silicon Valley) and San Francisco, according to Cushman & Wakefield’s inaugural “Tech Cities 1.0” national report launched today. Within the top 25 U.S. tech cities, Seattle, Washington, emerged in sixth place and Salt Lake City, Utah, emerged in 24th place.

May
25
Cushman & Wakefield Commerce Grows St. George Team with the Addition of Seasoned Commercial Real Estate Pro, Mike Hillis

ST. GEORGE, UTAH—May 25, 2017—The St. George office of Cushman & Wakefield Commerce today announced it has added industry veteran Mike Hillis, SIOR, CCIM to its team. As a Senior Director, Hillis focuses his efforts on industrial leasing and sales and investment opportunities for clients.

May
1
Trigger Reital of Cushman & Wakefield Commerce Receives Distinguished SIOR Designation from Society of Industrial and Office REALTORS®

SALT LAKE CITY, May 1, 2017 – Trigger Reital, Market Leader of the Cushman & Wakefield Commerce Salt Lake City office, has achieved the SIOR Office designation awarded by the Society of Industrial and Office REALTORS®.

Apr
28
Q1 2017 Seattle Doubles Commercial Real Estate Leasing Activity Over Q1 2016

SEATTLE, April 27, 2017 – The 2017 first quarter commercial real estate report from Cushman & Wakefield Commerce shows that leasing activity in Seattle’s central business district doubled from this time last year. The quarterly report also indicated that the industrial vacancy rate in Kent Valley is at a historic low, putting upward pressure on asking rents.

Apr
27
Salt Lake Office Market Continues Strong Growth in Q1 2017

SALT LAKE CITY, April 25, 2017 – The Cushman & Wakefield Commerce first quarter MarketBeat report shows healthy growth in the Salt Lake Valley, setting the stage for another positive year in 2017. Even though the vacancy rate rose to 12.7 percent, net absorption was positive and trended above the 10-year average. The market also continued to experience an increase in asking rent from $22.85 per square foot full service to $23.46. Meanwhile, it is anticipated that the construction completion total will reach its highest level since 2007.

Apr
25
Las Vegas Commercial Real Estate Continues to See Growth in Industrial, Office Markets in 2017’s First Quarter

LAS VEGAS, April 25, 2017 – The first quarter Marketbeat report by Cushman & Wakefield Commerce for Las Vegas is now available, and it shows that the Las Vegas market continued its post-recession recovery in the first three months of 2017. The reports detail the industrial, office and retail markets, as well as the general state of the economy and commercial real estate in Southern Nevada.

Apr
24
Cushman & Wakefield Commerce Grows Seattle Industrial Team with the Addition of Taylor Hazard

SEATTLE, Apr. 24, 2017 – Taylor Hazard is returning to his hometown of Seattle to join Cushman & Wakefield Commerce as an associate director, industrial brokerage. Hazard comes to the Seattle office by way of Cushman & Wakefield’s Denver office. He will focus on industrial sales and leasing in the Puget Sound area.

Apr
13
Cushman & Wakefield Commerce Adds Veteran Industrial Team to Las Vegas Office

LAS VEGAS, Apr. 13, 2017 – Senior Director Warren Noack and Director Travis Noack have joined the rapidly growing Las Vegas office of Cushman & Wakefield Commerce. Their addition brings the total number of brokers in the office to 31.

Apr
7
Las Vegas Tenant Rep Team Reports Strong Leasing Activity in Las Vegas in Q1, 2017

LAS VEGAS, Apr. 7, 2017 – The first quarter of 2017 in Las Vegas was a strong one for leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield Commerce. The team of Dan Palmeri, SIOR and Natalie Wainwright specializes in exclusively representing tenants with their leasing, acquiring, relocating, expansions and build-to-suit projects. They secured 14 tenant lease transactions totaling 89,480 square feet with $13.3 million in lease values in Q1 2017.

Apr
4
Mountain Money Radio- Steven Hooker on Park City Properties

KPCW’s Larry Warren & Doug Wells host Steven Hooker as their second guest on April 3rd’s Mountain Money broadcast to discuss the available commercial property in Park City.

Mar
30
Article: Female Leaders in CRE & Tech: Part III with Natalie Wainwright

“During a recent trip to Las Vegas, Nevada, I had the amazing opportunity to meet Natalie Wainwright, an exclusive Tenant Representative with Cushman & Wakefield Commerce. As a successful, passionate professional and President-Elect of CREW’s Las Vegas chapter, Natalie has a wealth of insight to share regarding women in the workforce and pursuing a career that makes you excited to wake up on Monday morning. It was an honor to include Natalie in this series – please freely share this piece with your network!”

Mar
14
MIG Real Estate Awards Cushman & Wakefield Commerce 700,000 square-foot Property Management Assignment in Las Vegas

LAS VEGAS, March 14, 2017 – Cushman & Wakefield Commerce announced today it has been selected by MIG Real Estate, LLC of Newport Beach, Calif, for property management of its entire Las Vegas portfolio, which includes six office and retail buildings totaling 701,348 square feet. This adds to the long-standing relationship MIG has had with Cushman & Wakefield Commerce.

Mar
7
Cushman & Wakefield Commerce’s Dana Baird Elected to Real Estate Advisory Board

SALT LAKE CITY, March 7, 2017—Dana Baird has been elected to serve on the Ivory Boyer Real Estate Center Board. Baird, who is the executive director of the Cushman & Wakefield Commerce office division in Salt Lake City, joins a board comprised of the major players in the Utah commercial real estate industry.

Mar
3
Cushman & Wakefield Commerce Brokers Sale of Portofino Villas in Northwest Las Vegas

LAS VEGAS, March 3, 2017 – Cushman & Wakefield Commerce announced it has negotiated the sale of Portofino Villas, a 280 unit apartment community at 6300 West Lake Mead Boulevard, Las Vegas. Millburn & Company purchased the property from the AXS Opportunity Fund.

Mar
2
Kip Paul Receives First Annual Cushman & Wakefield Commerce President’s Award

SALT LAKE CITY—Mar. 2, 2017— Cushman & Wakefield Commerce today announced that the recipient of the annual Cushman & Wakefield Commerce President’s Award is Kip Paul, executive director – investment sales in Salt Lake City, Utah.

Feb
23
Jennifer Levine of Cushman & Wakefield Commerce Wins 2017 NAIOP National Volunteer of the Year

LAS VEGAS—Feb. 23, 2017— Cushman & Wakefield Commerce today announced that Jennifer Levine, director of industrial real estate with Cushman & Wakefield Commerce in Las Vegas was named the 2017 NAIOP National Volunteer of the Year.

Feb
22
Cushman & Wakefield Commerce Announces Two Promotions

SEATTLE—Feb. 22, 2017— Cushman & Wakefield Commerce today announced two promotions in its Seattle office. Tony Kusak, SIOR, was promoted from Director to Executive Director. Will Carroll has been promoted from Associate to Senior Associate.

Feb
16
Article: High Demand and Limited Supply Create All-Time Tight Seattle Industrial Market


“The Seattle industrial market hasn’t been this tight in years, according to new Cushman & Wakefield data. The vacancy rate at year-end 2016 was recorded at an all-time low of 3.8%, down from 5% a year earlier.”

Click here to read the whole article.

Feb
9
Molly Westbrook of Cushman & Wakefield Commerce Wins Utah Business Forty Under 40

SALT LAKE CITY—Feb. 9, 2016— Molly Westbrook of Cushman & Wakefield Commerce is being honored as a winner of Utah Business Forty Under 40. The annual award honors Utah’s up-and-coming professionals rising through the ranks at record speed.

Jan
31
Thomas & Mack Development Group Gives ‘Broker’ Some Love in a Unique Way

LAS VEGAS, Jan. 31, 2017 – Prominent Las Vegas real estate developer, Thomas & Mack, is saying “thank you” in a way that is rarely seen in a business setting. It is naming a park at the McCarran Center after Dan Palmeri, senior director at Cushman & Wakefield Commerce, to thank and honor his tenant representation work. Palmeri leased more than 200,000 square feet in six buildings at the 100-acre business park and his team is the most active in bringing new companies to the McCarran Center.

Jan
30
Las Vegas Commercial Real Estate Industrial Market Sees Expansion and Growth in 2016

LAS VEGAS, Jan. 30, 2017 – The Cushman & Wakefield Commerce fourth quarter, 2016 Marketbeat reports were released today. They detail the industrial, office and retail markets as well as the general state of the economy and commercial real estate in Southern Nevada. The reports highlight an improved industrial market throughout 2016 and a positive outlook for the region in 2017.

Jan
26
Article: Medical Office Transformation


“The medical office sector continues to transform in response to changes in both the economics of the healthcare industry and the demands of the consuming public. Economies of scale combined with increased desire by large healthcare providers to enhance the patient experience have led to larger, patient-centric medical office buildings and medical delivery facilities in the community.”

Click here to read the whole article.

Jan
24
Seattle Area Commercial Real Estate Finishes Strong in 2016

SEATTLE, Jan. 24, 2017 – The latest report from Cushman & Wakefield Commerce shows an increase in business growth throughout Seattle’s office market as vacancy rates decreases on a quarter-over-quarter basis. The firm released its fourth quarter Marketbeat Snapshot reports detailing the office and industrial markets for Seattle, Seattle Suburban, and Puget Sound Eastside.

Jan
17
Cushman & Wakefield Commerce Reports Utah Breaks $2 Billion Commercial Real Estate Investment Sales in 2016

SALT LAKE CITY, Jan. 17, 2016 –Cushman & Wakefield Commerce reported today that for the first time in the state’s history, Utah has broken the $2 billion mark for commercial real estate investment sales. The company released its 2016 year-end market review which shows an exceptional year across the board for commercial real estate in Utah.

Jan
10
Dave Magee of Cushman & Wakefield Commerce Achieves SIOR Designation from Society of Industrial and Office REALTORS®

SEATTLE – Jan. 10, 2016 – Dave Magee, Cushman & Wakefield Commerce’s Market Leader in Seattle, has achieved the SIOR Office designation awarded by the Society of Industrial and Office REALTORS®. SIOR is a Washington, DC-based international professional organization of more than 3,000 commercial real estate professionals, 2,800 of whom have earned the coveted SIOR designation.

Dec
19
Cushman & Wakefield Commerce Welcomes Commercial Real Estate Office and Investment Pro, Hughes McLaughlin

SEATTLE – Dec. 19, 2016 – The Seattle office of Cushman & Wakefield Commerce is pleased to announce the addition of Hughes McLaughlin as Senior Director to the team. He will focus his brokerage expertise on the office and investment markets.

Dec
12
Jeff Rossi of Cushman & Wakefield Commerce Wins Utah Business SAMY Award

SALT LAKE CITY—December 12, 2016— Jeff Rossi of Cushman & Wakefield Commerce is being honored as a Utah Business 2017 Sales Professional of the Year in their SAMY award. This distinction is an annual award given to Utah’s top sales and marketing professionals.

Dec
7
Cushman & Wakefield Commerce Negotiates Sale of 58-Acre Former Sawmill in Tacoma, Wash.

Sale makes way for 1.1M square foot industrial development

SEATTLE – Dec. 7, 2016 – The Seattle office of Cushman & Wakefield Commerce today announced that it has brokered the sale of a 58-acre former sawmill in Tacoma, Wash. The seller was Interfor, a Vancouver, B.C.-based lumber company. The buyer was Industrial Property Trust (IPT), which purchased the property to develop the IPT Tacoma Logistics Center, which will include two industrial buildings totaling approximately 1.1 million square feet. Tony Kusak, SIOR, Senior Director at Cushman & Wakefield Commerce in Seattle, was the lead broker on the transaction.

Dec
6
KENWORTH SALES COMPANY PURCHASES LAND IN ST. GEORGE

St. George, UT – Dec. 6, 2016 – Kenworth Sales Company has purchased 27 acres of land, which includes the former Welcome Center/Rest Stop property, located on the northeast corner of the new exit 2 interchange that connects I-15 to the Southern Corridor and new St. George Airport.

Nov
29
Cushman & Wakefield Commerce Las Vegas Negotiates Portfolio Apartment Sale for Chinese Firm

LAS VEGAS, Nov. 28, 2016 – The Las Vegas office of Cushman & Wakefield Commerce announced that the team of Carl and Taylor Sims have negotiated the sale of the apartment portion of a three-property, multi-state portfolio sale in Las Vegas for $41,500,000. The team represented the seller, a global corporation based in China. The buyer was a subsidiary of Angelo, Gordon & Co. of New York, NY.

Nov
28
Pete Janemark from Cushman & Wakefield Commerce Las Vegas Earns CCIM Designation

LAS VEGAS, Nov. 28, 2016 – Cushman & Wakefield Commerce Las Vegas today announced that Pete Janemark has received the national Certified Commercial Investment Member (CCIM) designation. By obtaining the CCIM designation, Janemark is recognized as an expert in the commercial and investment real estate industry.

Nov
23
Happy Thanksgiving!

Nov
8
Cushman & Wakefield Commerce Brokers Sale of Salt Lake City State Street Property

SALT LAKE CITY, Nov. 7, 2016 – Cushman & Wakefield Commerce announced the sale of 3902 State Street, a 60,768 square foot Class C office building. The property was purchased by CMJC Health, LLC. The seller was the Ravarino Family Interests, a private local investment family.

Oct
28
Las Vegas Commercial Real Estate Office Market Continues to Recover

LAS VEGAS, Oct. 28, 2016 – The Las Vegas office of Cushman & Wakefield/Commerce released its Q3, 2016 Marketbeat report, which details the office, industrial and retail markets, economy and the state of commercial real estate in Southern Nevada. One of the key insights of the report indicates that the lagging Las Vegas office market may be showing signs of resurgence.

Oct
24
125-Acre Governors Point in Puget Sound Offered For Sale; Available to Subdivide

SEATTLE—Oct. 24, 2016—Cushman & Wakefield Commerce in Seattle and CBRE have partnered to present Governors Point, an unparalleled investment opportunity for waterfront estate development on Bellingham Bay and Pleasant Bay, in the City of Bellingham, Washington. The firms announced today that the approximately 125.84 acre property, which includes more than 9,500 lineal feet (882.6 lineal meters) of marine shoreline, is being offered in two divided portions or as a single purchase of the entire acreage.

Oct
20
Alison Beddard Leads CREW Network 2017 Board of Directors

NEW YORK, NY – Oct. 20, 2016 – The Commercial Real Estate Women (CREW) Network announced the new members of the Board of Directors, which will be led in 2017 by President Alison Beddard of Cushman & Wakefield Commerce. The announcement was made at the 2016 CREW Network Convention and Marketplace, held this year in New York City. Beddard and the other members of the board will officially take office in January, 2017.

Oct
18
Utah’s Commercial Real Estate Office Market Grows as Investment Activity Nears All-Time Record

SALT LAKE CITY, UT – Oct. 18, 2016 – The commercial real estate market in Utah continues to strengthen according to the third quarter Marketbeat report from Cushman & Wakefield Commerce. While the investment, retail and industrial markets all reporting a strong quarter, the office market was a standout as nearly 16,000 jobs have been added over the past year alone.

Sep
29
Daniel Palmeri of Cushman & Wakefield Commerce Achieves SIOR Designation from Society of Industrial and Office REALTORS®

LAS VEGAS, Sep. 29, 2016 – Daniel Palmeri, SIOR of Cushman & Wakefield Commerce Las Vegas has achieved the SIOR Office designation awarded by the Society of Industrial and Office REALTORS®. SIOR is a Washington, DC-based international professional organization of more than 3,000 commercial real estate professionals, 2,800 of whom have earned the coveted SIOR designation.

Sep
27
Sale of Village on Main in Bountiful, Utah Signifies Multi-Family Housing Market Demand

SALT LAKE CITY, Sept. 26, 2016 – Cushman & Wakefield Commerce announced the sale of the Village on Main, a deluxe mixed-use property with 192 high-end multi-family housing units and 49,441 square feet of Class A retail and office space. The property was purchased by Village Glen Plaza LLC represented by Parkstone Companies. The Seller was Village on Main Street LLC.

Sep
21
Cushman & Wakefield Commerce Expands its Boise Office and Forms Strong Investment Services Team: The Idaho Land & Investment Group

BOISE, ID – Sept. 21, 2016 – The Cushman & Wakefield Commerce Boise office today announced the formation of The Idaho Land & Investment Group and addition of Matt Naumann, who joins the investment services team as an associate broker.

Sep
15
Amy Ogden and Danielle Steffen Achieve SIOR Designation from Society of Industrial and Office REALTORS®

LAS VEGAS, Sept. 15, 2016 – Amy Ogden, Director of Industrial and Investments and Danielle Steffen, Director of Industrial and Investments of Cushman & Wakefield Commerce have each achieved their SIOR industrial designation awarded by the Society of Industrial and Office REALTORS®.

Aug
29
Las Vegas Commercial Real Estate Markets End Second Quarter 2016 Strong – Job Growth Fuels Office Market Expansion

LAS VEGAS, Aug. 29, 2016 – The Las Vegas office of Cushman & Wakefield/Commerce released its Q2, 2016 report, which details the office, industrial and retail market, economy and the state of commercial real estate in the Las Vegas area.

Aug
25
Tenant Representative Team Notes Strong Leasing Activity for Commercial Real Estate in Las Vegas

LAS VEGAS, Aug. 4, 2016 – The second quarter of 2016 has seen strong and steady leasing activity, according to the Palmeri – Wainwright tenant representative team of Cushman & Wakefield/Commerce’s Las Vegas office. Due to Southern Nevada’s large-scale scale commercial real estate with easy access to logistics, flexible and competitive utility rates, and low workers’ compensation rates in a right-to-work state, Las Vegas has become an increasingly desirable place for businesses to relocate.

Aug
25
Seattle’s Commercial Real Estate Market in High Demand as Second Quarter Market Reports Released

SEATTLE, August 17, 2016 – Cushman & Wakefield/Commerce released its second quarter Marketbeat Snapshot report detailing the Seattle and Puget Sound Eastside areas’ office markets. According to the reports, the commercial real estate office market continues to be in high demand. The Seattle-Bellevue-Tacoma unemployment rates increased from 4.8 percent in Q1 of 2016 to 5.2 percent. Despite the continuously increasing unemployment rate, employment actually continued to grow as a result of the high return to the workforce, pushing the labor participation rate higher.

Aug
24
Boise Commercial Real Estate Market in High Gear According to Cushman & Wakefield/Commerce 2016 Mid-Year Report

BoiseMidYear16AllMrkts

BOISE, IDAHO, Aug. 23, 2016 – According to Cushman & Wakefield/Commerce’s 2016 Mid-Year report, Treasure Valley’s office, retail and industrial markets were in extreme high demand. Each market saw a decrease in vacancy and demand was far out pacing supply for quality product. The Boise economy continued to perform well, reflecting a strong commercial real estate market.

Aug
4
Utah’s Economy: Retail Sales Hit All-Time High in 2015

utah economy

Utah closed 2015 with a total $27.8 billion in retail sales. The previous record (inflation adjusted) of $27.6 billion was set in 2007, closing out that year alongside the beginning of the 2007/2008 financial crisis. Retail sales had reached unsustainable levels, due in part by easy credit, which had been facilitated by rapid rising housing prices and the willingness of households to take on excessive levels of debt.

Aug
3
Utah’s Economy: Recovery of Utah’s Construction Sector, 2010-2015

utah econ

By 2010, the financial crisis had pushed construction spending down in Utah’s economy to a twenty-year low of $3.5 billion—the bottom of the cycle’s trough. Since then, the construction industry has had five consecutive years of expansion Figure 1. The first two years saw rather tepid growth, but in the following three, construction value increased at an impressive annual rate of nearly twenty percent. In 2015, the value of Utah’s permit-authorized construction reached $6.9 billion, the fourth highest year ever.

Jun
9
Las Vegas Multi-family Experiencing Construction Boom

LasVegas_MultiFamily

LAS VEGAS, June 9, 2016 – Multi-family construction volume in Las Vegas is at an all-time high, according to Cushman & Wakefield/Commerce. Each year on average, permits for 5,000 to 6,000 units are granted. Currently, permits for nearly 11,000 units have been granted, indicative of growth and improved market conditions.

May
31
City of Boise Engages Commercial Real Estate Team for New Rail-Oriented Industrial Development

BoiseIndustrialDevelopment

BOISE, May 31, 2016 – The Boise office of Cushman & Wakefield/Commerce has been exclusively engaged by the City of Boise in search of a development partner for approximately 275 acres of prime industrial land off Eisenman Road near the airport.

May
17
Cushman & Wakefield Research Global Commercial Real Estate Market Report Q1 2016

C&W marketbeat

Cushman & Wakefield Research is pleased to present the latest stats and insights for all commercial real estate property types around the world at your fingertips.

May
17
Utah’s Economy: What Makes Utah a High Growth State

utah econ

After what looked like a trend toward lower levels of job growth in 2014, Utah’s economy caught a second wind in 2015, increasing its number of jobs by nearly 50,000. The positive momentum has also carried into 2016. March’s 3.3 percent increase was the fifteenth consecutive month of job growth beyond Utah’s long-term rate. From 1954-2015, the average annual growth rate for non-farm employment in Utah was 3.17 percent – a record very few states can match. Only Nevada, Arizona, and Florida have higher long-term rates; and only one state, Idaho, outperformed Utah in 2015 (4.1 percent increases vs. Utah’s 3.6 percent).

May
11
Cushman & Wakefield/Commerce Brokers Land Deal for Faraday Future’s $1 Billion Electric Vehicle Plant in North Las Vegas

LAS VEGAS, May 10, 2016 –Cushman & Wakefield/Commerce today announced it has brokered a land transaction in North Las Vegas on behalf of Faraday Future for the site of a $1 billion electric vehicle plant.

The visionary startup Faraday Future broke ground on April 13 and will soon begin construction of a 3 million square foot factory situated on 940 acres of land. This factory is expected to create approximately 4,500 for the state.

May
5
Demand for Seattle and Eastside Industrial Space Outpaces Supply in Q1 2016

industrial

SEATTLE, May 4, 2016 – The industrial sector in Seattle (Kent Valley) and Eastside markets saw high demand first quarter 2016, spurred particularly by the high tech industry according to the latest industrial market reports from Cushman & Wakefield/Commerce.

May
5
Tight Puget Sound Office Market Looking Forward to New Office Inventory

office

SEATTLE, May 4, 2016 – The latest report from Cushman & Wakefield/Commerce shows an increase in business growth throughout Seattle’s office market as vacancy rates decreases. The firm released its first quarter Marketbeat Snapshot report detailing the Seattle and Puget Sound Eastside areas’ office markets.

Apr
28
Strong Salt Lake Retail Market Continues to Tighten

utretail

SALT LAKE CITY, UTAH April 28, 2016 – Salt Lake retail activity remained strong during first quarter 2016, with overall vacancy decreasing by one percentage point year-over-year, according to Cushman & Wakefield/Commerce. This tightening has pushed average asking rates up more than 11 percent during the same period. Absorption remained positive, with community and regional centers performing strongest, indicating continued demand for quality space in new, anchored projects.

Apr
25
Utah’s Economy: Employment and Population Centers in Salt Lake and Utah Counties

utecon

A few years ago, University of Utah Bureau of Economic and Business Research (now a part of the Kem C. Gardner Policy Institute) reported on Salt Lake County’s employment center, and its geographic proximity to the county’s population center. Demographic mean centers are important for understanding current market conditions and trends. They can be visualized as the center of gravity a waiter focuses her/his fingers to balance a tray of food – the edge of the tray represents the market’s boundaries; the waiter’s fingers represent its population densities; and the food balanced on the tray are the market’s jobs, given equal weight throughout.

Apr
25
Utah Investment Market Kicks-Off Historic Start to 2016

utinvest

SALT LAKE CITY, April, 25, 2016 – The Utah investment market experienced the strongest first quarter on record according to Cushman & Wakefield/Commerce, with total sales volume surpassing a half-billion dollars. At this pace, 2016 is expected to exceed $2 billion by end-of-year for the first time in state history.

Apr
20
Robust Salt Lake Industrial Market Shines First Quarter 2016

SLC_Industrial

SALT LAKE CITY, April 20, 2016 – The Salt Lake industrial market experienced tightening during first quarter 2016 with overall vacancy down and leasing activity outpacing first quarter 2015 by 17.7 percent according to Cushman & Wakefield/Commerce. These indicators along with net absorption reaching more than 400,000 square feet validate high market demand.

Apr
7
Salt Lake Office Market Poised for a very Promising 2016

New Picture

SALT LAKE CITY, April 6, 2016 – According to Cushman & Wakefield/Commerce’s first quarter MarketBeat report, Salt Lake office market fundamentals remained strong, positioning the sector for another impressive year. With an overall vacancy of 11.8 percent, lease rates pushed higher, increasing by 4.8 percent year-over-year. Additionally, the imminent completion of 1.3 million square feet of new construction, almost 70 percent of which is preleased, in 2016 will drive high absorption numbers.

Apr
4
170 South Main High-Rise Recognized as Outstanding Leader in Sustainability

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SALT LAKE CITY, April 4, 2016 – The Cushman & Wakefield/Commerce management team for 170 South Main is pleased to announce the class A, 15-story high-rise in downtown Salt Lake City has been honored with the BOMA Kilowatt Crackdown Climate Leader Award.

Apr
1
Cushman & Wakefield/Commerce Brokers Receive Awards and Recognition at CCIM Utah’s 2016 Excellence Awards

three

SALT LAKE CITY, March 31, 2016 – Cushman & Wakefield/Commerce today announced three of its Utah brokers were honored at CCIM Utah’s 2016 Excellence Awards. CCIM Utah is a professional organization for commercial real estate practitioners, which hosts their annual Excellence Awards to recognize and honor Utah’s top professionals within the commercial real estate industry.

Mar
24
Cushman & Wakefield/Commerce Research Shows High Demand for Medical Office Space in Salt Lake City

New Picture

SALT LAKE CITY, March 24, 2016 – Cushman & Wakefield/Commerce released its 2015 year-end medical office market report which shows a strong overall year for leasing and absorption activity. Ambulatory care centers and several large healthcare providers competed for space across the Wasatch Front, as the trend of more healthcare services being offered near high populated areas continued.

Mar
24
Stronger Asset Services team brings new skills to Seattle operation

Picture1

SEATTLE, March 23, 2016 – Cushman & Wakefield/Commerce is pleased to announce additional leadership and resources in property management in its Seattle office. Janice Davis, a 20-year property management expert, has been promoted to general manager and the company welcomes two new property professionals: Christine Lang, senior property manager, and Catherine Lategan, senior project manager. This expanded team offers a stronger platform of services to investor clients and their assets, and for tenants who are moving or renovating their space.

Mar
22
Cushman & Wakefield/Commerce’s Kâren Sander Selected by International Downtown Association to Serve on a Top Issue Council

Sander_Karen

Boise, March 21, 2016 – The International Downtown Association (IDA) has selected Kâren Sander, associate with the Boise office of Cushman & Wakefield/Commerce, to serve on the Top Issues Council. IDA is the premier association of urban place managers who are shaping and activating dynamic downtown districts, connecting all the stakeholders in a downtown area, and bridging the gap between the public and private sectors.

Mar
21
Utah’s Economy: Nonresidential Construction – Murray to American Fork

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Last year was a surprisingly strong year for nonresidential construction in Utah. The value of permit authorized, nonresidential construction was up 37 percent, to $2.0 billion, the fourth highest year ever. But the 2015 value does carry an asterisk – the unexpected surge in nonresidential value was due in part to a pair of large energy related projects. The $216 million expansion of Holly Frontier’s oil refinery, in Davis County, was the single largest nonresidential project in 2015, doubling its daily capacity from 30,000 to 60,000 barrels. Solar farms in Beaver and Iron Counties also added another $200 million in nonresidential value. These large energy projects were reported as industrial construction and helped drive the value of this sector to a near record level. In 2015, industrial construction totaled $485.1 million, just below the 2007′s all-time high of $497 million (inflated adjusted).

Mar
15
Acquired Newport News Retail Center Set for Revitalization

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NEWPORT NEWS, VA – March 15, 2016 – The recently acquired Denbigh Village Shopping Centre in Newport News, Virginia will soon experience a major overhaul. The asset will go under renovations, which will conclude third quarter of this year, as well as go through a period of repositioning to fully lease the remaining 50 percent vacant space, according to Cushman & Wakefield/Commerce.

Mar
10
Utah’s Economy: Utah’s Major Economic Indicators

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The January release of the Utah Economic Council’s 2016 Utah Economic Report to the Governor is Utah’s best source for understanding the state’s current and upcoming economic conditions. Twelve major economic indicators included in the report reveal Utah’ economy enjoyed a very good year during 2015 and will likely enjoy a solid year of growth through 2016.

The following narrative provides context and analysis of the change underlying some of the most important indicators.

Feb
23
Congratulations to Cushman & Wakefield/Commerce Top 2015 Brokers

Congratulations to the Cushman & Wakefield/Commerce top 2015 brokers. We are proud of their professionalism, integrity and accomplishments in 2015.

Feb
11
Cushman & Wakefield/Commerce Research Shows Record Breaking Numbers and Positive Trends in Utah’s Commercial Real Estate Market

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SALT LAKE CITY, Feb. 11, 2016 –Cushman & Wakefield/Commerce released its 2015 year-end market review which shows an exceptional overall year for commercial real estate in the State of Utah. With a new record set for total annual investment sales and the addition of 48,400 jobs, Utah’s unemployment rate stands at 3.5 percent, a full 1.5 percentage points below the national average.

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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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.