Real-estate facts for Davis County

The Davis County Commerce Consumer Research Group statistics/forecast for real estate in the county for the year 2006-7 were recently released.

Highlights include:

• Office lease rates were up and are predicted to rise again in 2007. Lean days for office space — this despite the fact that more than 200,000 square feet of new office space came onto the market in 2006.

• Office vacancy in 2006 dropped by 2 percent for an overall 2006 total of 11.39 percent (year end 2005 was 13.51 percent).

• The office space squeeze in Salt Lake County will continue to attract more businesses to Davis County.

• A record breaking 183,000 square feet of new retail space came into the Davis County market in 2006 inching the vacancy rate up to 8.42 percent compared to 2005 (8.31 percent vacancy).

• Lease rates hit an all-time-high of $15.97 a square foot, $1.85 per square foot above 2005.

• In 2007 vacancy rates are predicted to remain level or drop slightly, because there won't be as much new retail space available.

• For the industrial side, an increase in vacancy rates from 2005's 4.02 percent to the 2006 rate of 5.34 percent. In 2007 expect lease and sales rates to continue to climb because industrial land is hard to find.

• Freeport Center has only 65,000 square feet vacant of a total 7.2 million square feet of space. The Freeport West Industrial Park has better pickings, a total 389,000 square feet available.

• Apartment rents are at all time highs. The average rent in 2006 hit $670/month, up by $50/month over 2005.

• At the time of this report, only 203 rental units of a total 5,505 were vacant in Davis County. Apartment complex vacancy is now at an all-time low of 3.57 percent.