Q1 2024 Market Report
Mountain West Commercial Real Estate Releases
Q1 2024 Market Report
Salt Lake City, UT – In its latest Q1 2024 Market Report, Mountain West Commercial Real Estate (MWCRE) highlights critical trends across its retail, industrial, office and investment sectors throughout the Intermountain West (Billings, MT; Boise, ID; Idaho Falls/Pocatello, ID; Las Vegas, NV; Logan, UT-ID, Ogden-Clearfield, UT; Provo-Orem, UT; Salt Lake City, UT; St. George, UT) .
The retail market continues to thrive with vacancy rates at historic lows of 5.1% or below, supported by strong demand and sustained consumer spending, and most markets are seeing rent growth exceeding 5.0% year over year.
In the industrial market, large buildings (100,000+ square feet) dominate recent construction deliveries, and are experiencing higher vacancy (7.1%), compared to smaller buildings (under 100,000 square feet) with a 3.3% vacancy rate.
The office market struggles with increased vacancies, especially in Las Vegas, Provo-Orem, and Salt Lake City, all reporting over 10.0%. Stagnant rent growth continues, further exacerbated by uncertain economic forecasts. Reduced new construction deliveries offers relief to the supply side.
Investment transaction activity in Q1 2024 remains down significantly relative to previous first quarters from 2019 to 2022, amid high debt costs and unclear federal rate cuts due to persistent inflation.
MWCRE continues to monitor these evolving market conditions, providing expert insights and strategic guidance to its clients.
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About Mountain West Commercial Real Estate
Mountain West Commercial Real Estate is a full-service commercial real estate firm that specializes in Brokerage, Property Management, development services, and Capital Markets. With a team of experienced professionals, Mountain West Commercial delivers personalized solutions to clients across the Western United States. The company’s commitment to integrity, innovation, and excellence has made it a trusted partner in the commercial real estate industry.
Media Contact:
Jerad Giottonini
Marketing & Communications
Mountain West Commercial Real Estate
Phone: 385-501-2928
Email: jgiottonini@mwcre.com
