Weber, Davis County Commercial Real Estate Market Year End 2009

WEBER COUNTY
Overview
- Despite national, regional economic slowdown, Weber County was relatively upbeat in 2009; Ogden’s position as the outdoor and recreational industry capital in the country builds, and is expected to continue in 2010.
Office
- Market hits highest vacancy rate since 2002 as economy shrank businesses.
- Transactions were strong as companies take advantage of better rates and move to nicer facilities.
Retail
- Retail market stagnant in 2009, but growth is expected in 2010 as several new projects are already underway.
- Vacancies were up, driven higher by big box retailers.
- Lease rates were slightly lower, and landlords offered generous concessions to attract and keep tenants.
Industrial
- Activity and vacancy rates were fairly low in 2009 due to lack of new construction.
- Asking prices fell, but are leveling off.
- Lease rates held steady, but landlords enticed tenants with incentives and are expected to continue to do so.

DAVIS COUNTY
Overview
- Population growth spurred residential activity in some commercial real estate markets in 2009; increase in residential real estate sales and business licenses point toward more growth in 2010
Office
- 2009 was a sluggish year for the office market.
- No new construction in 2009, but one major development near Hill Air Force Base already moving forward.
- Vacancy rates continued climb from 2008, with class A still the strongest market by far.
- Landlords offered incentives, and lease rates held steady from mid-year 2009.
Retail
- Population growth expected to spur retail activity in coming year.
- Major development at Fort lane Village underway and Larry H. Miller megaplex theatre in the works.
- Vacancy rate inched higher, but lease rates fell as landlords scramble to keep, attract tenants.
Industrial
- Davis County industrial market slow in 2009 as sector worked through economy, oversupply from previous years.
- Values and lease rates were lower in 2009, but healthy activity is expected in 2010