{"id":1004606099,"date":"2022-10-07T06:01:00","date_gmt":"2022-10-07T14:01:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004606099"},"modified":"2024-02-09T07:02:14","modified_gmt":"2024-02-09T15:02:14","slug":"suburban-salt-lake-office-project-breaks-ground","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/suburban-salt-lake-office-project-breaks-ground\/","title":{"rendered":"Suburban Salt Lake Office Project Breaks Ground"},"content":{"rendered":"
\"Valley<\/a>

Scott Gifford and Daniel Thomas, Regional Partners for St. John Properties Utah, attend Valley Grove III groundbreaking. Image courtesy of St. John Properties Inc.<\/p><\/div>\n

St. John Properties<\/strong> Inc. continues to build out Valley Grove, the commercial real estate firm\u2019s $1 billion mixed-use business community in Pleasant Grove, Utah, with the recent groundbreaking on the Valley Grove III office building. The project will add approximately 140,000 square feet of Class A space to the Greater Salt Lake City area.<\/p>\n

During the late-September groundbreaking ceremony for Valley Grove III, St. John revealed that the construction of the property will transpire on an accelerated timeline. \u201cEven though we\u2019ve been building constantly in Utah since 2017, we are at over 90 percent occupancy with companies lining up for space,\u201d Daniel Thomas, regional partner with St. John Properties Inc. in Utah, told Commercial Property Executive<\/em>.<\/p>\n

Baltimore-based St. John made its entr\u00e9e into the Utah commercial real estate market in 2014 and commenced development of the 130-acre Valley Grove community three years later. Sited in Utah County\u2019s tech hub roughly 35 miles south of Salt Lake City\u2019s central business district, Valley Grove has become a prominent destination for tenants seeking premier suburban office space in a centralized location.<\/p>\n

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READ ALSO<\/strong>: Industrial Outdoor Storage Is the New Hot CRE Type<\/a><\/p>\n

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Valley Grove III, the 22nd building at Valley Grove, will take shape along Interstate 15 at 1333 S. Valley Grove Way. The five-story property is designed to achieve LEED certification and will feature such coveted design elements as floor-to-ceiling glass. The project is a welcome endeavor in Pleasant Grove; the Pleasant Grove City Planning Commission and the Pleasant Grove City Council approved the site plan with unanimous votes in November 2021 and March 2022, respectively. Valley Grove III will be ready for occupancy in the third quarter of 2023.<\/p>\n

Office sector is alive and well here<\/strong><\/h2>\n

While the national office market has yet to regain its pre-pandemic health, there are pockets sprinkled across the country that are experiencing notable demand for Class A workplace accommodations, and Utah County is one such pocket. The total vacancy rate for Class A assets in North Utah County, home to Valley Grove, was just under 8 percent in the third quarter of 2022, according to a report by JLL<\/strong>. The submarket is benefiting from the substantial addition of new jobs in Utah over the last year and a few other statewide factors.<\/p>\n

\u201cUtah is experiencing the most rapid growth in the nation, that includes business and population growth,\u201d Thomas noted. \u201cThe state has been on that upward trajectory for some time, and we forecast that it will continue well into the future. Low business tax rates, low regulation and an educated multi-lingual workforce are among contributing factors. The environmental beauty of the region is also a huge contributor to quality of life.\u201d<\/p>\n

Utah County\u2019s office market is also experiencing a boost from the country\u2019s growing return-to-office trend<\/a>, according to a second quarter 2022 report by Colliers<\/strong>. And with many employers requiring employees to work multiple days in the office, some Utah County tenants are upgrading their locations in an effort to provide a more desirable environment. \u201cAlso, over the past few quarters, there has been a trend of larger tenants leaving larger markets\u2014such as Los Angeles\u2014and coming to Utah to enjoy lower rental costs and the outstanding economy, further contributing to the decreasing vacancy in the Utah County market.<\/p>\n

With Valley Grove III underway, St. John is looking ahead to how it may continue to respond to the growing demand for premier office space in North Utah County and beyond. \u201cWe still have significant acreage to develop in Valley Grove and we are in active discussion with future tenants.\u00a0Stay tuned,\u201d Thomas said. \u201cWe are in\u00a0Utah for the long term and are pleased to be so welcomed by community leaders.\u201d\u00a0Once Valley Grove III reaches completion, St. John\u2019s Utah portfolio<\/a> will exceed 1 million square feet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Valley Grove III is the latest addition to St. John Properties Inc.’s sprawling mixed-use business community in Pleasant Grove, Utah.<\/p>\n","protected":false},"author":969,"featured_media":1004606108,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,21747,1606,51973,15],"tags":[35498,32796,35112],"class_list":["post-1004606099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-office","category-salt-lake-city","category-southwest","category-west","tag-colliers","tag-jll","tag-st-john-properties"],"acf":[],"yoast_head":"\nSuburban Salt Lake Office Project Breaks Ground - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Valley Grove III is the latest addition to St. John Properties Inc.'s sprawling Valley Grove mixed-use business park in Pleasant Grove, Utah.\" \/>\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\/suburban-salt-lake-office-project-breaks-ground\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suburban Salt Lake Office Project Breaks Ground\" \/>\n<meta property=\"og:description\" content=\"Valley Grove III is the latest addition to St. John Properties Inc.'s sprawling Valley Grove mixed-use business park in Pleasant Grove, Utah.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/suburban-salt-lake-office-project-breaks-ground\/\" \/>\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=\"2022-10-07T14:01:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-09T15:02:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/10\/Valley-Grove-III-groundbreaking-Pleasant-Grove-Utah-Scott-Gifford-and-Daniel-Thomas.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\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\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/suburban-salt-lake-office-project-breaks-ground\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/suburban-salt-lake-office-project-breaks-ground\/\",\"name\":\"Suburban Salt Lake Office Project Breaks Ground - 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