Wednesday, August 7, 2013

Strong Washington County Commercial Real Estate Market

A recent Cushman & Wakefield report reveals a strong commercial real estate market in Washington County:

  • Chick-fil-A opened their first store at Red Rock Commons where they are being joined by Mattress Firm, Einstein Bagels and Firehouse Subs.
  • Both Freddy’s Frozen Custard &; Steakburgers and Tropical Smoothies CafĂ© opened their first stores as well.
  • Culver’s acquired land just off Riverside Drive and is expected to start construction this fall on their first location in St. George.
  • Cushman & Wakefield Commerce is currently working on a 23-acre retail development located off the new Dixie Drive interchange to include a theater anchor, water park, two hotels, a C-Store and several restaurant pads.
  • The office vacancy rate has decreased by 1.7 percentage points since year-end 2012 to the current rate of 11.5 percent. The last time vacancy was under 12.0 percent was in 2008.
  • The industrial market has seen the most activity with the vacancy rate dropping by an impressive 4 percentage points to 3.9 percent during 2013.
  • Several notable deals have been completed during 2013 including the 850,000 sf Family Dollar Distribution Center, an 85,000 sf lease by Walmart, and a 55,000 sf lease by George Fern Exposition & Event Services. 
For the full report, click here.