The commercial real estate market in Salt Lake area bounced back in 2011, after a challenging year in 2010.
A report from commercial real estate firm C.B. Richard Ellis showed that Salt Lake County’s office vacancy rate fell to its lowest point in three years due largely to a recovering Utah economy that added thousands of new jobs.
The year-end office vacancy rate fell to 15.3 percent, down from 17.1 percent last year. Additionally, office absorption reached more than 652,000 square feet for the year, more than double the square feet absorbed in 2010. Absorption is the change in occupied square feet for all existing properties during a period of time. Deseret News
