{"id":1004085453,"date":"2013-10-19T10:58:25","date_gmt":"2013-10-19T18:58:25","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=200950"},"modified":"2022-12-08T22:48:15","modified_gmt":"2022-12-09T06:48:15","slug":"wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows\/","title":{"rendered":"Wasatch Front Job Growth Outpaces 2012; Retail Vacancy Declines as New Product Slows"},"content":{"rendered":"<p class=\"MsoNormal\">\n<p class=\"MsoNormal\">As Salt Lake City\u2019s economy slowly rises, improvement is extending to the retail market, a recent report shows.<\/p>\n<p>The Wasatch Front has added approximately 36,900 new jobs over the past year, an annual growth rate of 3.6 percent. According to Marcus &amp; Millichap Real Estate Investment Services Inc., professional and business services sector have led the charge, growing by 10,900 new jobs. By the end of the year, job growth should reach 41,000, reflecting an annualized 3.9 percent increase and outpacing 2012\u2019s performance by about 4,300.<\/p>\n<p class=\"MsoNormal\">On the retail front,<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/saltlakeret.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-full wp-image-200951\" title=\"saltlakeret\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/saltlakeret.jpg\" alt=\"\" width=\"300\" height=\"223\" \/><\/a> the flow of new product has fallen off dramatically since the openings of City Creek Center and Station Park. Of the 1.3 million square feet completed during the past twelve months, 1.1 million came on line before the end of 2012. Only 300,000 square feet are scheduled for completion by the end of the year, less than 10 percent of 2012\u2019s 3.4 million-square-foot total.<\/p>\n<p>One positive result of this year\u2019s dearth of new retail product is declining vacancy. During the past 12 months, vacancy has dipped 80 basis points to 4.7 percent, well below the national average. Four years ago, average vacancy for all retail property types stood at 7.2 percent.<br \/>\n<span>\u00a0<\/span><span>\u00a0<\/span><span>\u00a0<\/span><\/p>\n<p>Chart courtesy of Marcus &amp; Millichap Real Estate Investment Services @ <em>marcusmillichap.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Alex Girda, Associate Editor As Salt Lake City&rsquo;s economy slowly rises, improvement is extending to the retail market, a recent report shows. The Wasatch Front has added approximately 36,900 new jobs over the past year, an annual growth rate of 3.6 percent. According to Marcus &amp; Millichap Real Estate Investment Services Inc., professional and [&#8230;]<\/p>\n","protected":false},"author":41,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1606],"tags":[],"class_list":["post-1004085453","post","type-post","status-publish","format-standard","hentry","category-latest","category-salt-lake-city"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wasatch Front Job Growth Outpaces 2012; Retail Vacancy Declines as New Product Slows - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wasatch Front Job Growth Outpaces 2012; Retail Vacancy Declines as New Product Slows\" \/>\n<meta property=\"og:description\" content=\"By Alex Girda, Associate Editor As Salt Lake City&rsquo;s economy slowly rises, improvement is extending to the retail market, a recent report shows. The Wasatch Front has added approximately 36,900 new jobs over the past year, an annual growth rate of 3.6 percent. According to Marcus &amp; Millichap Real Estate Investment Services Inc., professional and [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-10-19T18:58:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:48:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/10\/saltlakeret.jpg\" \/>\n<meta name=\"author\" content=\"Alex Girda\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wasatch-front-job-growth-outpaces-2012-retail-vacancy-declines-as-new-product-slows\\\/\"},\"author\":{\"name\":\"Alex Girda\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/540f0253de89dedaae7684239611b81c\"},\"headline\":\"Wasatch Front Job Growth Outpaces 2012; 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