Aug
25
Industrial becomes particularly attractive north of the strip

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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

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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?

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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

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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

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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

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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

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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.

Apr
8
C&W Industrial Research MarketNote: Major Shift in Container Traffic from West to East and Gulf coast Ports

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KEY TAKEAWAY

Retailers and other importers began to divert shipments to ports in Canada and on the East Coast in anticipation of the July 1, 2014 expiration of the ILWU contract. The labor showdown, which exacerbated U.S. West Coast port congestion, helped pull down container volumes at West Coast ports which plummeted 24% in the first two months of 2015 compared to 2014. The significant drop in volume was distributed all along the west coast, although the percentage decline in container volume was greater in the California ports. The total container volume in Los Angeles-Long Beach was down 18.2% year-over-year in the first two months of 2015 and Oakland’s volume declined 31.6% in the same period. Container volumes through the ports of Seattle-Tacoma continued to struggle, dipping 9.3%. Meanwhile, some East Coast ports are reporting double-digit increases, with Charleston reporting an annual increase of 17.9% through February.

Apr
8
Cushman & Wakefield | Commerce Wins TOBY Award for 170 South Main from the Building Owners and Managers Association of Utah

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SALT LAKE CITY, UTAH—April 8, 2015—Cushman & Wakefield | Commerce today announced that Tammy Rasmussen, Property Manager for the Asset Services group of Cushman & Wakefield | Commerce received the Building Owners and Managers Association (BOMA) of Utah’s TOBY Award for the outstanding property management of 170 South Main, a contender in the 250,000–499,999 square feet office building category.

Apr
6
Why Cushman & Wakefield | Commerce Boise for Commercial Real Estate

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Knowing what it takes to be a leader in the market, we strive to continually raise the professionalism, knowledge and expertise of all of our brokers. With commercial real estate being vastly different than residential, there are many facets of education and understanding that can only come from industry professionals and senior brokers. We specifically work with junior broker providing them with training and mentoring opportunities; a vital part of their education that results in their success as an individual and as part of the larger organization. There are five areas we find to be at the core of any successful broker:

Apr
1
Cushman & Wakefield | Commerce Completes Sale of Historic Felt Building in Salt Lake City

SALT LAKE CITY—Apr. 1, 2015—Cushman & Wakefield | Commerce today announced that it has brokered the sale of the historic Felt Building located at 341 South Main Street in Salt Lake City, Utah. The Felt Building is a 57,665 square foot historic office and retail property.

Mar
25
Cushman & Wakefield Releases International Investment Atlas and Insights Video

New Picture

Cushman & Wakefield’s International Investment Atlas 2015 report has been prepared to provide an overview of the world’s key commercial real estate investment markets in 2014 and an indication of performance in 2015.

KEY MESSAGES:

-Global investment volumes fell 6.3% or $1.2 tn in 2014, the first fall in 5 years.
-The decline however was solely due to a fall in land sales in China and most markets saw strong demand.
-The US overtook China to be the largest city target for foreign investors, but Paris closed the gap with very strong growth in 2014.
-A focus on core markets remains but interest in tier 2 stock and locations has increased.
-Cross boarder investors raised their share of trading to 20%.
-North America is the largest global investor by some margin but 7 of the top 20 capital sources are now Asian.

Mar
25
C&W Industrial Research MarketNote: Top Industrial Markets Continue to Post Strong Growth

New Picture

KEY TAKEAWAY

The overall vacancy rate for the U.S. industrial sector declined to 6.8% in the fourth quarter of 2014, the lowest national industrial vacancy experienced since 2001. National leasing activity climbed to its highest point since 2005 with 340 million square feet of new activity in 2014, and overall absorption reached a all-time high with 159.1 msf of positive absorption. New construction completions totaled 104.7 msf, the highest level of new construction to deliver since 2008. While the recovery of the U.S. industrial sector since the economic recession appears to be fairly balanced, the top 10 core industrial markets have been leading the way, posting strong numbers in 2014.

Mar
25
Utah’s Economy: Year End 2014 Estimates and 2015 Forecast

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The 2015 forecast for the Utah economy was developed recently by the state’s Revenue Assumption Working Group. The forecast shows increases for every major economic indicator. The number of jobs is forecast to grow by 2.8 percent, or an increase of 37,200 jobs. The unemployment rate declined to 3.4 percent, suggesting labor shortages for some industries and occupations. Auto and truck sales are expected to hit an all-time high of 118,300 vehicles. New permit authorized non-residential construction will increase to $1.4 billion, but will still be slightly below the average historic value of $1.5 billion (excludes renovation and rehab). And the number of permits issued for residential construction will reach 18,000 units, the highest level in eight years. Residential permits peaked in 2005 at 28, 285 housing units, a level unlikely to be exceeded for some time.

Mar
24
Record Visitors Boost Retail in Las Vegas

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By: Dan Hubbard, Director – Retail, and Todd Manning, Senior Associate – Retail, Cushman & Wakefield Commerce

It is great to be in Las Vegas and witness the city’s strong recovery from the economic lows of a few years ago. Exciting projects like the $500-million LINQ entertainment and retail promenade, the 1.6-million-square-foot Downtown Summerlin lifestyle center and the market’s first IKEA, now under development, are filling the region with promise.

Mar
24
Cushman & Wakefield | Commerce Promotes Bob Hawkins to Senior Director

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LAS VEGAS—Mar. 23, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced that Bob Hawkins has been promoted to a Senior Director.

Hawkins specializes in the leasing and sales of office and industrial real estate. He has a targeted specialty in that he represents only landlords and sellers.

Mar
24
CCIM Utah Names Kip Paul of Cushman & Wakefield | Commerce Top Investment Broker of the Year and Utah’s Top Commercial Real Estate Agent of the Year

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SALT LAKE CITY—Mar. 24, 2014—For the fourth year in a row, CCIM Institute’s Utah Chapter has recognized Kip Paul, Executive Director of Investment Sales for Cushman & Wakefield | Commerce, as Utah’s Top Investment Broker of the Year. 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
19
Cushman & Wakefield | Commerce Announces New Office Broker in Its Salt Lake City Office

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SALT LAKE CITY, UT – Mar. 19, 2015 – Cushman & Wakefield | Commerce, announced today the addition of Tyson S. Fowler as Associate Broker in the Office division of its Salt Lake City, Utah office.

Mar
18
Grocery Tenants Drive Salt Lake City’s Retail Market

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By Nick Clark, Director – Retail Associate, Cushman & Wakefield | Commerce

The retail market in Utah continues to build steam and has expanded over the past 12 months. With these gains, tenants are in abundance and new construction is on the rise. Vacancy continued to improve through 2014, as the overall vacancy rate declined by 0.7 percentage points on a year-over-year basis to end at 6.2 percent. This represents the lowest vacancy rate of the past decade. With supply constrained and demand improving, average asking lease rates jumped by 9 percent on a year-over-year basis, to $18.98 per square foot. New construction continued across the valley, with 548,577 square feet of space added to the market.

Mar
16
Cushman & Wakefield | Commerce Negotiates Sale of Lamplighter Square in Salt Lake City

SALT LAKE CITY—March 16, 2015—Cushman & Wakefield |Commerce announced today the closing sale of Lamplighter Square Shopping Center, located on Foothill Boulevard. Lamplighter Square has long been home to many favorite restaurants and businesses, making it a high volume destination for area residents and business owners. The square is currently occupied by the popular State Liquor store, Taqueria 27, Foothill Fitness, and Bleu Bistro, among others.

Mar
12
C&W Industrial Research MarketNote: Industrial Tenants Take Advantage of State Tax Incentives in Top Markets

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KEY TAKEAWAY

With approximately $610 million USD in state tax incentives among states with the top industrial markets, it is no surprise that 250.7 million square feet of industrial space were leased in California, Illinois, Texas, Georgia and New Jersey in 2014. Illinois alone awarded $1.5 billion in Capital Expenditure or “CAPEX” incentives to companies. These incentives are used by companies to acquire fixed assets such as equipment, property or industrial buildings or to add to the value to assets with a useful life extending beyond the taxable year. Strong incentives helped these five states attract industrial tenants, who were able to create 9,888 jobs in 2014.

Mar
6
Cushman & Wakefield | Commerce Reports an Upward Trend for Q4, 2014 Commercial Real Estate Market in Las Vegas

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LAS VEGAS—Mar. 5, 2015—Commercial real estate in the Las Vegas area ended 2014 better than it started, according to new data by the Las Vegas office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in Southern Nevada.

“Commercial real estate in the Las Vegas-Paradise metropolitan area made steady progress on the road to economic recovery in 2014,” said Michael Dunn, Market Leader for the Las Vegas office of Cushman & Wakefield | Commerce. “This is the second straight year of strong gains in the industrial sector. With positive indicators in new construction, rising sales prices, and decreasing unemployment rates, there is reason to be optimistic that the Las Vegas economy will continue to improving during 2015.”

Mar
4
C&W N. American Industrial Forecast: Increased activity expected in all industrial sectors

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Cushman & Wakefield is pleased to announce the release of their North American Industrial Forecast 2015-2017.

Positive news on the job front and early signs of accelerated wage growth and household spending are all storylines in the unprecedented demand for industrial real estate. As the economy continues to expand, increased activity is expected in all the sectors that drive demand for industrial space, from imports and exports, to manufacturing production and distribution.

Mar
4
London Cements Position as World’s Most Expensive Office Market According to Cushman & Wakefield

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“The US economic recovery helped to bolster strong leasing activity in the country’s core downtown markets – such as New York, which saw record take-up results – whereas in South America, the underperformance of both Brazil and Argentina in 2014 led to a slowdown in economic growth.”

Mar
4
Cushman & Wakefield | Commerce Remembers and Pays Tribute to the Late Keith W. Bassett

LAS VEGAS—Mar. 04, 2015—Keith W. Bassett, a senior director in the Las Vegas office of Cushman & Wakefield | Commerce passed last week at the age of 75. Bassett was a highly trusted and well-respected commercial real estate professional.

Feb
26
C&W Industrial Research MarketNote: North American Ports Contend with Mega Container Vessels

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KEY TAKEAWAY:
Today’s container ship is the linchpin of cargo transportation with 90 percent of international trade carried by sea. According to Sea-Land Services, Inc, to and from the United States, the yearly waterborne foreign trade amounts to over one billion tons, a value of $625 billion. To keep up with the demand from foreign trade, container ships are becoming larger and more cost effective, driving ports in the U.S. and around the globe into a constant struggle to keep up with the massive bulk of these new modern carriers.

Feb
26
Cushman & Wakefield | Commerce Adds Two Office Investment and Sales Brokers to Las Vegas Team

LAS VEGAS—Feb. 26, 2015—Cushman & Wakefield | Commerce today announced the addition of two commercial real estate office and investment brokers to its Las Vegas team. Nicholas Barber and Jeremy Foley are joining the firm as directors.

Feb
23
Utah’s Economy: Venture Capital and High Tech Employment in Utah

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Utah’s 2015 Economic Report to the Governor was released in early January. It’s the twenty-seventh year of the publication, which is a collaboration between the Utah Economic Council, Salt Lake Chamber, David Eccles School of Business and the Governor’s Office of Management and Budget. The 138 page document provides a 2015 economic outlook for Utah, a review of the performance of major economic indicators, and an analysis of key industries.

Feb
17
Cushman & Wakefield | Commerce Reports High Confidence in Boise Commercial Real Estate Market

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BOISE, IDAHO—Feb. 17, 2015—Commercial real estate in the Boise area had a strong 2014 according to new data from the Boise office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in Boise for Q4, 2014.

Feb
17
Cushman & Wakefield | Commerce Announces new Senior Managing Director, Occupier Services

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SEATTLE, WA—Feb. 17, 2015—Cushman & Wakefield | Commerce today announced that Scott Schlumberger has been named Senior Managing Director, Occupier Services for Cushman & Wakefield | Commerce. Schlumberger will be based in Seattle, but will cover Nevada, Idaho and Utah as well. Schlumberger will work closely with Cushman & Wakefield | Commerce and its leaders, brokers and advisory professionals, and colleagues within Cushman & Wakefield to provide real estate solutions to occupier clients.

Feb
10
Cushman & Wakefield | Commerce Reports a Strong but Tight Commercial Real Estate Market in Seattle-Bellevue in Q4, 2014

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SEATTLE—Feb. 9, 2015—The commercial real estate in the Seattle-Tacoma-Bellevue metro area saw a tightening of the market according to new data by the Seattle office of Cushman & Wakefield | Commerce. The firm released its most recent Marketbeat Snapshot reports detailing the state of commercial real estate in the Seattle and Bellevue markets.

Feb
4
Trigger Reital Promoted to Market Leader of Cushman & Wakefield | Commerce Salt Lake Office

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SALT LAKE CITY—FEB 4, 2015—Cushman & Wakefield | Commerce today announced that Trigger Reital has been promoted to the position of market leader for the Salt Lake City, Utah, office. In this new position, Reital will be responsible for growing Cushman & Wakefield | Commerce’s market share across all services for both investors and occupiers in Utah.

Jan
29
Cushman & Wakefield | Commerce Reports Utah Commercial Real Estate Broke All-Time Investment Record of $1.8 Billion in 2014

 22New Picture

SALT LAKE CITY—Jan. 28, 2015—The Cushman & Wakefield | Commerce (www.comre.com) 2014 Year-End Market Review reports that total commercial real estate investment sales topped $1.8 billion, which is the highest level in the state’s history.

Jan
23
Cushman & Wakefield | Commerce Boise, Idaho Retail Market News

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Stay up-to-date on the state of the Boise retail market with our monthly report. In this month’s issue:

-National news
-Local news
-About Cushman & Wakefield | Commerce’s Boise Retail Team

Jan
23
Cushman & Wakefield | Commerce Signs Property Management Guru Dan McGregor in Boise

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BOISE, ID—Jan. XX, 2015—Cushman & Wakefield | Commerce today announced that Dan McGregor has joined the firm in the Boise office as the Property Manager. McGregor, a property management expert is bringing with him a large portfolio of properties with nearly one million square feet of space.

Jan
13
Utah’s Economy: Status of Utah’s Economic Recovery

New Picture

In the summer of 2008 the number of jobs in Utah peaked at 1.26 million; an all-time high. What followed has been well documented: a loss of 70,000 jobs in two years and an unemployment rate spiking to 8.0%; the highest level since the 1930s Depression. Six percent of the jobs in the Utah labor market vanished over 24 months. It took a little over four years for the Utah labor market to get back to its pre-recession employment level. By the fourth quarter of 2012 the number of jobs in Utah exceeded the pre-recession peak. A side note, if the Great Recession could have been avoided and Utah had average rates of job growth during 2008-2011 period the number of jobs in 2014 would likely be about 13% higher – 175,000 jobs.

Jan
13
C&W Research: U.S. Economic Update – Strongest Annual Employment in 15 Years

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As the U.S. economy strengthened in 2014, the pace of employment growth accelerated. In the fourth quarter more than 865,000 jobs were created. For 2014 as a whole, the economy added more than 2.95 million jobs, making it the best year for job creation since 1999.

Jan
13
C&W Industrial Research MarketNote: Gas Prices & Job Market Push U.S. Consumer Confidence to 7-Year High

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KEY TAKE AWAY

An improving job market is one of the driving forces behind a rebound in American consumer confidence, but perhaps the biggest current factor in the consumer confidence boost is the declining price of gas. The pace of job growth accelerated notably in 2014 and the country capped its strongest year for job creation since 1999, while across the country retail prices for regular grade gasoline reached the lowest levels in four years. U.S. GDP growth is expected to accelerate to at least 3.3% in 2015, and possibly higher, as rising consumer and business confidence leads to faster employment and income growth and stronger increases in spending.

Jan
12
Tim Reid Promoted to Market Leader of Cushman & Wakefield | Commerce Boise Office

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Boise—January 12, 2015—Cushman & Wakefield | Commerce today announced that Tim Reid has been promoted to the position of Market Leader for the Idaho region. Reid will, in this new position, be responsible for growing Cushman & Wakefield | Commerce’s market share across all services for investors, owners and occupiers.

Jan
7
Cushman & Wakefield | Commerce Negotiates Lease of Largest Industrial Speculative Building in the Las Vegas Market in 8 Years

LAS VEGAS—Jan 7, 2015—The Las Vegas office of Cushman & Wakefield | Commerce today announced that Global Industrial Distribution of New York has signed a lease for a 464,203 square foot speculative industrial building in the Prologis Las Vegas Corporate Center at 3700 Bay Lake Trail, North Las Vegas. The Las Vegas industrial team at Cushman & Wakefield | Commerce, Danielle Steffen, Art Farmanali, SIOR and Amy Ogden represented the Tenant.

Dec
23
C&W Research: U.S. Economic Update – 2014 A Year of Surprises!

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As the year comes to a close, it provides a chance to look back on what we learned last year and look ahead to what the events of 2014 might tell us about 2015. So this week we will do a modified top 10 list consisting of the top five surprises of 2014 and the top five expectations for 2015.

Anyone in the forecasting business knows that almost as soon as a projection has been made, something will happen to change the environment. Such was the case in 2014 when there were several unexpected events, and some expected events that did not take place.

Dec
19
Utah’s Economy: What’s Happened to Housing Demand?

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From 1970 to 2010 the number of households in Utah increased at an annual growth rate of 2.6 percent. This rat of growth nearly matches the average annual increase in the inventory of occupied housing units in Utah of 2.7 percent. Long-term, the increase in households equals or nearly equals the increase in occupied housing units. Of course, in the short-term, annual increases may vary significantly from the long-term trend. For example, in 1977 new residential construction increased the housing inventory by almost six percent in a single year. And the years on either side of 1977 also had very high rates of new construction. This overbuilding in the lat 1970s contributed, in part, to several years of below average home building the 1980s and very weak housing prices. Over the 1980s housing prices in Utah increase by only 15 percent compared to 60 percent nationally.

Dec
16
C&W Research: U.S. Economic Update – The Economic Benefits of Lower Oil Prices

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The plunge in oil prices over the past six months will have a positive impact on the U.S. economy. It is the equivalent of a tax cut for consumers, freeing up as much as $150 billion to spend on other goods and services. It is likely that growth in 2015 will be the best in at least a decade.