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Washington County Commercial Real Estate Market Year End 2009

WASHINGTON COUNTY

Overview
-          Washington County felt economic pinch; saw downturn in all sectors
-          Infrastructure, other factors keeps the county well positioned for a quick recovery, although employment losses will temper.
Office
-          Economy benefitted tenants; landlords who offered improvements and concessions fared best.  
-          Overall vacancies increased 3+%, but Class A vacancies declined as good tenants upgraded. 
-          Asking lease rates fell, and new construction was a standstill.
Retail
-          2009 was a tough year for retail—vacancies climbed over 4% with un-anchored and B & C class properties taking the hardest hits.
-          Although several new tenants entered the market, all major developments are on hold until the market strengthens.
Industrial
-          Sales of land and buildings, which started to slowdown in 2008, got even more sluggish in 2009.
-          New building projects are poised for take-off when economy, lending improve.
-          National, regional players still see Southern Utah as good location, but movement will continue to be slow.

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