Due to the large amounts of new construction that reached completion at the end of 2017, average asking retail lease rates increased significantly throughout Utah County over the first part of the year. Most of the newer space located in ideal locations ranges in price from $30 to $35 NNN.
Entertainment retail is a fast-growing trend in Utah County. Over the last two years, an increase in laser tag, gaming rooms, virtual reality, escape rooms, trampoline houses and interactive theaters have drawn large groups of customers.
With limited available space, leasing activity in Utah County slowed to only 34,000 square feet of net positive absorption year-to-date. 569,629 square feet of space is currently under construction, and 70 percent of that is freestanding. Increases in both population growth and spending power have primed Utah to ride a wave of growth as retailers capitalize on available properties and take advantage of a solid economic foundation within the state.