THE GREATER SALT LAKE AREA MULTIFAMILY MARKET · 2020. 3. 12. · report has been assembled to...

THE MOST COMPREHENSIVE MULTIFAMILY REPORT | 2019 REVIEW + 2020 OUTLOOK

THE GREATER SALT LAKE AREA MULTIFAMILY MARKET

Whatever your multifamily needs may be, please reach out to us. CBRE has the most comprehensive data on the market and can provide information on a macro or micro level based on class, city, submarket, zip code, location, age, size, proximity to rail stops, and many other variations.

CBRE consistently leads the market, with national multifamily investment sales totaling over $33.3 billion in 2019 (Source: Real Capital Analytics). As the leader in multifamily sales every year since 2001, the exposure of CBRE is second-to-none. With 65 locations and over 300 multifamily professionals, including direct lending services, CBRE’s unparalleled multifamily platform has a competitive presence in Utah and an enhanced investment reach into the multifamily space, providing our clients with the greatest market exposure available.

We welcome your inquiries into the Utah multifamily market and encourage you to contact us with any questions.

Eli Mills Patrick Bodnar

CBRE is pleased to release the 2020 Greater Salt Lake Area Multifamily Market Report, the most current and comprehensive multifamily data available for the Salt Lake Area/Wasatch Front market. Produced by Eli Mills and Patrick Bodnar of CBRE, this report has been assembled to empower the decision making of multifamily professionals active in the Utah market.

This report has been prepared with current data sourced from a survey of over half the multifamily market (60,000+ units) along the Wasatch Front Area inclusive of Salt Lake, Utah, Davis and Weber Counties. Minimum reporting requirements were identified for each city and county by class, type and size.

Data contributions and validations to this publication were made by:

• CBRE Research• CBRE Econometric Advisors• Yardi Matrix• Axiometrics • Western States Multifamily

• Utah Department of Economics• University of Utah Bureau of Economics and Business Research • Construction Monitor• CoStar

PREFACE

Eli MillsInstitutional PropertiesSenior Vice President

Diane Aubry

Client Services Team Lead

Patrick BodnarInstitutional PropertiesVice President

Colton Butterfield

Multifamily Market Researcher

Annie Avila

Client Services Coordinator

Ashley Mills

Client Services Coordinator

Hardware Station, recently completed, is one of Downtown Salt Lake City’s most luxurious and distinct apartment communities.

TABLE OFCONTENTS

For a market analysis on your propertyor more information contact:

Patrick Bodnar Vice President +1 801 869 8053 [email protected]

Eli Mills Senior Vice President +1 801 869 8029 [email protected]

http://www.cbre.com/patrick.bodnarhttp://www.cbre.us/research/Pages/default.aspxhttps://www.cbre-ea.com/default.aspx?_title=PublicHomehttps://www.yardimatrix.com/http://www.axiometrics.com/http://wsmultifamily.com/http://economics.utah.edu/http://gardner.utah.edu/https://www.constructionmonitor.com/mailto:[email protected]:eli.mills%40cbre.com?subject=https://hardwareapartments.com/

© 2020 CBRE, Inc. © 2020 CBRE, Inc. 4 5

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GREATER SALT LAKE AREA MULTIFAMILY REPORT

HEADLINES TO KNOW

LOOKING FORWARD

TRANSACTION DIVERSITY*

VACANCY

PIPELINE

4.0%NO CHANGE YEAR-OVER-YEAR

RENT

SALES

$1,185/MO. 5.6% YOY

VOLUME 2019$1.26B

2019 DELIVERIES5,028 UNITS

SALES

INCREASE IN TOTAL VOLUME

RENT

CAP RATES

SLIGHT COMPRESSION

CONCESSIONS

PIPELINE2020 EXPECTEDD E L I V E R I E S6 ,2 9 6 UNIT S

EXECUTIVE SUMMARY

For the third year in a row, the Greater Salt Lake Area has realized total multifamily sales in excess of $1 billion dollars and demand for multifamily assets has never been greater. Investor interest is fueled by strong economic fundamentals, better yield spreads, and a lower overall basis compared to neighboring states. Job growth was 3.3% in 2019 and is the principal reason for the significant in-migration realized—not just last year, but for the previous four years. 2019 finished with an estimated in-migration number of 25,192. Unemployment remains low at 2.3% (December 2019), the lowest in the state’s history, and Utah added 51,454 jobs over the past year.

Looking into the first quarter of 2020, the new year is starting off strong with well over $600 million under contract or coming to market. Strong fundamentals will keep the attention of those seeking to purchase multifamily assets and will continue to entice new entrants into the market.

The Greater Salt Lake Area multifamily market has a very bright future. It is a vibrant, economic climate encouraging growth. People continue to come for the many opportunities. Salt Lake’s transportation infrastructure—including the new Salt Lake International Airport, expanding commuter and light rail, rapid transit bus, and improved freeways and roads—conveniently allows people to move throughout the market. Now more than ever, apartment properties are connected to the entire community, providing an unparalleled lifestyle. With these attributes and many others, the multifamily sector in Utah will continue to deliver predictable and profitable returns in 2020.

D E M A N DABSORBING S U P P L Y

Source: CBRE, Inc. *Multifamily Transactions.

STRONGGROWTH

TEMPORARY INCREASEDOWNTOWN

DEAL SIZE # OF DEALS SALES VOLUME

© 2020 CBRE, Inc. © 2020 CBRE, Inc. 6 7

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*Trend arrows indicate year-over-year change.

OFFICE SUBMARKET SNAPSHOT

COMPANY SQUARE FOOTAGE SUBMARKET

Northrup Grumman 250,000 SF Davis County

Divvy Pay 150,000 SF Draper Submarket

Weave 150,000 SF Utah County North Submarket

Source: CBRE Research, 2019.

An abundance of incoming supply (over 3.6 msf) reaffirms a strong confidence in the marketplace. Tech and financial service firms are driving forces. Although positive net absorption was down in 2019, record-high construction exists with 62% being pre-leased, the majority of which is in the Downtown CBD.

$23.79 FSGAVG. ASKING

LEASE RATETHE WASATCH FRONT

1.7%0.7%

GREATER SALT LAKE POPULATION GROWTH RATE

U.S. POPULATION GROWTH RATE

2019 POPULATION GROWTH RATE COMPARISON

Source: Kem C. Gardner Policy Institute 2019 Economic Report to the Governor.

GREAT SALT LAKE

INTERS TATE

80

INTERS TATE

80

INTERS TATE

84

INTERS TATE

15

SALT LAKE COUNTY

DAVIS COUNTY

WEBER COUNTY

PROVOPROVO

LAYTONLAYTON

OGDENOGDEN

INTERS TATE

15

SALT LAKE CITYSALT LAKE CITY

INTERS TATE

15

UTAH LAKE

UTAH COUNTY

GREATER SALT LAKE AREA

The Greater Salt Lake Area, also known as the Wasatch Front, consists of four counties—Salt Lake, Utah, Davis and Weber. Salt Lake City is in the center of the Wasatch Front immediately accessible to commuter rail, light rail and the Salt Lake International Airport, which is just 10 minutes from downtown by car and 15 minutes via light rail. Approximately 2.5 million people (80% of Utah’s population) live within this four-county area.

UTAH ACCOLADES

10.8%VACANCY

RATE

3.68M SFUNDER

CONSTRUCTION

ECONOMYS T A T E F O R E C O N O M I C O U T L O O K 1 1 Y E A R S R U N N I N G (ALEC)

STATE FOR JOB GROWTH IN 2019(3.3% | U.S. 1.4%)

#1

#1

DEMOGRAPHICSLOWEST MEDIAN AGE IN NATIONN A T I O N A L M E D I A N : 3 8 . 2

3.2 MILLIONPEOPLE

31.4 YRS

PUBLIC TRANSIT REACHES

75%OF THE P O P U L AT I O N F

RA

MEW

OR

K

LIFE

STY

LE

UTAH IS NATURE’S PLAYGROUND HOME TO:

MASSIVE

A I R P O R TREDESIGN$4.1 BILLION

5 NATIONAL PARKS

43 STATE PARKS

7 NATIONAL MONUMENTS

5 NATIONAL FORESTS

15 MAJOR SKI RESORTS

WESTERN MARKET RENT TO INCOME RATIO COMPARISON

$6,500

$5,500

$4,500

$3,500

$2,500

$1,500

$500

$7,000 70%

60%$6,000

50%$5,000

40%$4,000

30%$3,000

$1,000 10%

20%$2,000

Source: CBRE, Inc., Federal Reserve Bank of St. Louis.

Avg Monthly Wages Avg Monthly Rent % of Income to Rent

SALT LAKE CITY PHOENIX SEATTLE DENVER PORTLAND SAN FRANCISCOLOS ANGELES

$1,22

3

$4,31

1

$1,19

3

$3,84

4

$1,91

5

$6,21

8

$1,58

3

$4,87

1

$1,44

8

$4,23

7

$3,19

2

$6,23

7

$2,58

5

$5,32

6

28%28%31%31% 31%31% 32%32%

49%49%51%51%

34%34%

0%0

RENT AFFORDABILITY ACROSS WESTERN MARKETS

Part of Salt Lake’s growth story is that of investors searching for yield in untapped secondary markets that offer the ability to grow rents. The affordability quotient —coupled with the influx of high-paying jobs—increases the interest of investors to this market.

INDUSTRIAL SUBMARKET SNAPSHOT



Blackstone 1,556,138 SF California Ave. Submarket

Amazon 1,300,000 SF West Jordan Submarket

AWS 531,932 SF Airport Submarket


$0.50 NNN/MOAVG. ASKING

LEASE RATE

* *

7.23M SFUNDER

CONSTRUCTION

2019 was another banner year across the Salt Lake industrial market. Over 4 million square feet (msf) of construction was completed in 2019, short of 2018’s all-time record of 4.7 msf. A record-breaking 7.2 msf remains under construction, much of that speculative space. Vacancy was 3.4% at the close of 2019. Total lease activity for 2019 was 6.5 msf with Amazon leasing 2.1 msf, accounting for 32% of the year’s total lease activity.

Over the last five years Salt Lake City’s distribution employment has grown by 2.5%, while manufacturing employment has grown by 2.6%. Industrial employment is projected to grow by 1,500 jobs during the 2019-2024 period.

3.4%VACANCY

RATE


RETAIL SUBMARKET SNAPSHOT


Target 94,000 SF Central West Quadrant

EoS Fitness 52,810 SF Central West Quadrant

EoS Fitness 47,000 SF Central West Quadrant


$17.95 NNNAVG. ASKING

LEASE RATE

6.8%VACANCY

RATE

2019’s leasing remained strong, with food and fitness being the most active industries, accounting for 14% and 25% of total lease activity, respectively. A number of big box spaces were filled resulting in vacancy decreasing 40 basis points (bps) year-over-year to 6.8%. Re-purposing or redevelopment of retail centers continues to abound. Construction in Salt Lake was limited to mostly smaller in-fill shops and pads.

177,568 SFNEW

CONSTRUCTION

*

http://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://wsmultifamily.com/https://www.census.gov/http://www.cbre.com/slchttp://wsmultifamily.com/http://wsmultifamily.com/

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Source: EDCUtah, 2018. Source: EDCUtah.

SILICON SLOPES – UTAH’S TECH CORRIDOR

Utah’s technology corridor, known as Silicon Slopes; has become the destination for technology, biotechnology, education, retail and creative firms that thrive in the presence of the Salt Lake Metro’s highly educated and collaborative workforce. The epicenter of Silicon Slopes is located at the convergence of Utah’s two most populated counties: Salt Lake and Utah. Employers locating here can easily recruit employees from both counties.

Silicon Slopes, a two-hour flight from Silicon Valley, has attracted a host of tech companies such as Adobe, Microsoft, IM Flash (Intel/Micron), Dell EMC, eBay, E*TRADE, Oracle, Vivint Solar, Workfront, Digicert, Xactware, and the National Security Administration. With a predominantly young workforce in the Salt Lake Metro, employers are finding great value in selecting office space in a market with convenient access to retail and residential options that support a first-class quality of lifestyle.

EMPLOYERS ARE FLOCKING TO UTAH

Many of the largest employers in the U.S. are locating in Utah to take advantage of the low costs, highly educated employment base, ease of air travel and an affordable lifestyle that allows for recruiting out-of-state employees. The area provides an incredible lifestyle destination with an abundance of outdoor recreation within a few minutes’ drive of most urban communities. Surrounded by mountains, lakes and canyons, residents have unparalleled access to year-round recreation.

Salt Lake is continually one of the leading metros in the U.S. for economic, employment, and population growth. In 2019 a record 51,454 jobs were added. Economic studies project continued growth long into the future. The Salt Lake Metro is growing on all fronts, with continued construction and rent growth in all property types.

Over the last 10 years, a total of 94,400 new jobs were announced, with a capital investment of nearly $10 billion.*

“Silicon Slopes’ deep talent pool for software engineers and other technical jobs is thriving. That’s why we plan to keep investing in this community.”

— Aaron Skonnard CEO and Co-founder of Pluralsight

COMPANY JOBS CREATED $ VALUE

2,464 jobs $320M

1,500 jobs $200M

4,342 jobs $91M

1,260 jobs $90M

2,200 jobs $80M

A SAMPLING OF TECH TENANTS’ INFLUENCE ON UTAH’S ECONOMY*

*Announced jobs

OTHER NOTABLE TECH TENANTS

MAP OF SILICON SLOPES

90 MILES FROM OGDEN TO PROVO---------T E C H EPICENTER

—S A N DY TO LEHI

10-YEAR JOB GROWTH OF NEW EMPLOYERS TO UTAH*

$10BINVESTED

NEW JOBS

94,400*Compiled data of announced jobs and investments through EDCUtah.

AN EASILY ACCESSIBLE MAJOR WESTERN MARKET

The accessibility of Salt Lake Metro is one of the reasons for the city’s continued growth. Over 50% of the U.S. population can be reached within a 2.5-hour flight of Salt Lake City, and a day trip from many major markets is easily possible. The Salt Lake International Airport is the 23rd busiest airport in the U.S. and is currently undergoing a $4.1 billion expansion to accommodate future growth.

The Salt Lake Metro has been coined “The Crossroads of the West.” Most major western markets can be reached within an 11-hour drive. I-15 and I-80 run through Salt Lake giving it extraordinary access to interstate distribution. Additionally, there is 1,700 miles of rail track that runs through Utah.

Salt Lake has an established Foreign Trade Zone, an area the U.S. considers exterior to U.S. commerce through federal designation. The state of Utah has gained significant momentum working with the rail lines to establish an inland port within the Foreign Trade Zone. This massive distribution hub located on the city’s westernmost side will fuel significant additional growth. Read more here.

SALT LAKE METRO’S ROBUST TRANSIT NETWORK

Utah has invested heavily in light (TRAX) and high-speed (FrontRunner) rail systems, providing transportation alternatives to 80% of the state’s population. This award-winning transportation system extends from Ogden to Provo, a 90-mile area—with buses and van pools, it covers a 1,600-square-mile area.

Long-range plans have included expanding TRAX and more bus service to Lehi and the Point of the Mountain area. The redevelopment of the Utah State Prison site in Draper has increased interest in providing light rail to this area sooner, although no decisions have been made yet.

Source: Utah Transit Authority.

AWARD-WINNING TRANSPORTATION SYSTEM

46,577,166TRIPS SYSTEM

WIDE

464,505FRONTRUNNER

BOARDINGS IN 2018

146LIGHT RAIL VEHICLES

1,400SQUARE MILES

SERVED

80%OF UTAH’S

POP. SERVED

401VANPOOL GROUPS

MAJOR WESTERN U.S. AIRPORT HUB

WITHIN A 2.5 HOUR FLIGHT OF 50% OF THE U.S. POPULATION

2 hoursSEATTLE

SAN FRANCISCO

LOS ANGELES

SAN DIEGOPHOENIX

DALLAS

NASHVILLEORLANDO

ATLANTA

CHARLOTTE

WASHINGTON D.C.

NEW YORK CITY

CHICAGODENVER

4 hours

1 hr. 45 mins.

1 hr. 45 mins.

1 hr. 50 mins.1 hr. 30 mins.

2 hrs. 45 mins.

3 hrs. 45 mins.4 hrs. 30 mins.

4 hrs. 20 mins.

4 hrs. 40 mins.

5 hrs. 15 mins.

3 hrs. 30 mins.1 hr. 30 mins.

SALT LAKE CITY INTERNATIONAL AIRPORT EXPANSION

4.1BPROJECT COST

STATE OF THE ARTFUNCTIONALITY

2024COMPLETION

DATE

DESIGNED FORDECADES TO COME

24,000JOBS CREATED

$1B IN WAGES

SUSTAINABLE DESIGNLEED GOLD CERTIFICATION®

GOLD

NATIONALLY RANKED TOP TRANSPORTATION

SYSTEM

80%OF UTAH’S

POPULATION SERVED

78,489ANNUAL

RAIL PASSENGERS

Rendering courtesy of Salt Lake International Airport.

Rendering of future SLC International Airport

Read more here.

http://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://wsmultifamily.com/http://wsmultifamily.com/https://www.utahinlandport.org/http://www.cbre.com/slchttps://www.slcairport.com/thenewslc/

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Source: CBRE, Inc. and Western States Multifamily.

GREATER SALT LAKE AREA COMPLETIONS

Source: CBRE, Inc.

Source: CBRE, Inc.

2019

9,000

7,000

8,000

6,000

5,000

3,000

4,000

2,000

1,000

2018

5,087

5,028

2015

3,006

2016

5,059

2017

5,381

0

SUPPLY VS. DEMAND AND ABSORPTION

The site of a new apartment community at some stage of construction

is quite common across the market. The Greater Salt Lake Area’s

robust development is well matched to the continued demand.

Currently, there are approximately 39 properties under construction

for a total of 7,834 total units in Salt Lake County that will deliver

in the next 24 months. Approximately 66% of the units in Salt Lake

County delivered to the marketplace have already been leased.

This leaves only a three-month supply of units for what has actually

been delivered to the market. Developers have seen first-hand the

pent-up demand in many submarkets; currently there are a total of

12,301 units under construction throughout the Greater Salt Lake

Area.

Though some submarkets are experiencing short-term concessionary

wars, the overall rental market is strong, with most properties

maintaining high occupancy levels. Downtown Salt Lake City is one

of those submarkets as there are five properties currently in lease-

up, most of which are at least 50% leased. Heavier concessions will

eventually diminish upon stabilization. A little over 4,200 units are

slated to be delivered over the next 12 months in Salt Lake County.

With Salt Lake’s economic vitality and current job growth at 3.3%,

we can expect strong absorption, which will continue to keep up

with new supply.

EXPECTED DELIVERIES BY COUNTY 2020-2022

6,000

5,000

3,000

4,000

2,000

1,000

0SALT LAKE COUNTY UTAH COUNTY DAVIS COUNTY WEBER COUNTY

2021 2021 2021 20212020 2020 2020 20202022 2022 2022 2022

Source: CBRE Inc., Real Capital Analytics.

WESTERN MARKETS – CAP RATES & PRICING PER UNIT

6.5%

0.0%

0.5%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

1.5%

2.5%

3.5%

4.5%

5.5%

PRICE/UNITCAP RATE

SALT LAKE METRO MULTIFAMILY SALES VOLUME >50 UNITS ($,MILLIONS)

Source: CBRE Inc., Real Capital Analytics.

$450,000

$400,000

$350,000

$300,000

$250,000

$200,000

$150,000

$100,000

$50,000

$0

$1,600

$1,500

$1,400

$1,300

$1,200

$1,100

$800

$900

$1,000

$600

$700

$500

$400

$300

$200

$100

2016

$703$703

2015

$644$644

$02017

$1,038$1,038

2018

$1,437$1,437

2019

$1,065$1,065

SALT LAKE CITY

5.0%

PHOENIX

4.5%

LAS VEGAS

5.0%

PORTLAND

4.6%

$226

,125

$179

,212

$201

,626

DENVER

4.8%

$266

,927

SEATTLE

4.3%

$351

,143

LOS ANGELES

4.3%

$381

,821

4,244

849507 696

2,892

966

427 488698 0 0

COUNTY COMPLETED 2015 - 2019 UNDER CONSTRUCTION POTENTIAL STARTS

Salt Lake 13,338 7,834 7,730

Utah 6,897 2,349 3,139

Davis 1,595 934 2,079

Weber 1,753 1,184 2,259

Totals 23,583 12,301 15,207

CONSTRUCTION SUMMARY

534

$178

,131

TRANSACTION VOLUME & CAP RATES

Sales activity in Utah is expected to remain well over $1 billion in 2020. Competition for multifamily assets will remain fierce as many well-capitalized investors seek to get a foothold in the marketplace. Value-add and core-plus properties will continue to have the greatest interest. Recent cap rate compression is due to favorable interest rates, scarcity of product in the western U.S., and an enormous amount of capital chasing opportunities.

NOTABLE SALES TRANSACTIONS

4TH WEST APARTMENTS493 UNITS

AVIDA400 UNITS

THE ZELLER293 UNITS

CAP RATES - 2019 - ALL UNITS

4.84%CLASS A

5.24%CLASS B

5.57%CLASS C

http://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttp://wsmultifamily.com/http://www.cbre.com/slchttp://www.cbre.com/slchttp://www.cbre.com/slchttps://www.rcanalytics.com/Default.aspx?SessionState=-1https://4thwest.com/https://www.liveatavida.com/https://www.liveatthezeller.com/?gclid=Cj0KCQjwu6fzBRC6ARIsAJUwa2SiiV8LHwT--MlFWB6o6ZMy5kHBxLl_J66nX4rVIwiUCp78tWKxIJUaAkfREALw_wcB

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GREATER SALT LAKE HISTORICAL RENTAL RATES & VACANCY: SUMMARY TABLES BY COUNTY AND CITY

2017

WEBER COUNTY RENT SF $/SF VACANCY

Ogden $772 870 $0.89 4.2%

Roy $934 1,127 $0.83 3.2%

West Haven $707 834 $0.85 3.1%

Overall $864 960 $0.90 3.2%

2018

RENT SF $/SF VACANCY

$846 827 $1.02 2.6%

$992 1,081 $0.92 4.2%

$762 893 $0.85 0.4%

$937 927 $1.01 2.5%

2019


$887 787 $1.13 2.8%

$1,087 1,078 $1.01 2.5%

$843 893 $0.94 2.3%

$995 889 $1.12 3.0%

Source: CBRE, Inc.

2017

DAVIS COUNTY RENT SF $/SF VACANCY

Bountiful $979 901 $1.09 3.8%

Clearfield $889 775 $1.15 4.8%

Layton $978 932 $1.05 3.3%

North Salt Lake $1,054 914 $1.15 4.7%

Overall $1,005 906 $1.11 3.5%

2018


$1,081 958 $1.13 2.3%

$968 783 $1.24 3.6%

$981 787 $1.25 3.8%

$1,205 919 $1.31 2.6%

$1,060 846 $1.25 3.0%

2019


$1,107 896 $1.24 0.8%

$1,036 866 $1.20 3.4%

$1,004 723 $1.39 2.5%

$1,238 908 $1.36 4.9%

$1,102 848 $1.30 3.0%

Source: CBRE, Inc.

2017

UTAH COUNTY RENT SF $/SF VACANCY

Orem $1,079 947 $1.14 4.9%

Pleasant Grove $1,099 997 $1.10 4.8%

Provo $746 611 $1.22 1.6%

Overall $1,097 943 $1.16 4.1%

2018


$1,148 968 $1.19 4.6%

$1,124 978 $1.15 4.9%

$741 611 $1.21 0.6%

$1,138 944 $1.20 4.3%

2019


$1,167 964 $1.21 3.6%

$1,183 1,006 $1.18 1.9%

$789 641 $1.23 1.5%

$1,181 944 $1.25 3.2%

Source: CBRE, Inc.

2017

SALT LAKE COUNTY RENT SF $/SF VACANCY

Cottonwood Heights $1,128 928 $1.21 3.1%

Draper $1,151 959 $1.20 3.1%

Herriman - - - -Midvale $1,072 903 $1.19 4.0%

Murray $1,073 874 $1.23 3.5%

Riverton $1,342 1,204 $1.12 2.7%

Salt Lake City $1,104 760 $1.45 4.6%

Sandy $1,131 844 $1.34 5.1%

South Jordan $1,261 1,050 $1.20 4.7%

South Salt Lake $898 840 $1.07 4.7%

Taylorsville $1,011 979 $1.03 4.4%

West Jordan $1,016 801 $1.27 5.3%

West Valley City $1,047 845 $1.24 3.8%

Downtown $1,307 781 $1.49 1.6%

Overall $1,087 875 $1.24 4.1%

2018


$1,222 932 $1.31 4.4%

$1,288 1,018 $1.26 2.5%

$1,345 1,178 $1.14 5.8%

$1,113 833 $1.34 3.4%

$1,087 817 $1.33 5.0%

$1,359 1,204 $1.13 2.9%

$1,249 802 $1.56 4.6%

$1,189 890 $1.34 4.4%

$1,323 1,044 $1.27 4.7%

$956 841 $1.14 4.0%

$1,073 847 $1.27 3.2%

$1,098 887 $1.24 4.0%

$1,024 813 $1.26 5.0%

$1,447 852 $1.70 5.5%

$1,153 868 $1.33 4.3%

2019


$1,261 940 $1.34 3.2%

$1,361 1,010 $1.35 2.8%

$1,361 1,129 $1.21 3.8%

$1,153 844 $1.37 4.5%

$1,174 913 $1.29 5.4%

$1,390 1,204 $1.15 2.4%

$1,325 774 $1.71 5.0%

$1,288 906 $1.42 4.8%

$1,352 1,057 $1.28 4.0%

$1,061 817 $1.30 5.1%

$1,097 828 $1.32 3.2%

$1,180 943 $1.25 4.1%

$1,029 798 $1.29 4.4%

$1,517 854 $1.78 4.7%

$1,218 886 $1.38 4.4%Source: CBRE, Inc.

GREATER SALT LAKE SUMMARY

As one of the 50 states with the best economic outlook, Utah has its house in order. It does everything right to encourage business development and job creation. Utah has a low, flat-rate income and corporate tax of below 5%. There is no death tax, it is a right-to-work state where workers do not have to join unions, and Utah has some of the best health outcomes in the nation. Jobs are plentiful and wages are on the rise. Rental rates have followed suit with 2019 posting a 5.6% year-over-year rent increase amidst a low 4.0% vacancy. Utah remains a contender to attract aggressive capital for multifamily properties.

2019


$1,218 886 $1.38 4.4%

$1,181 944 $1.25 3.2%

$1,102 848 $1.30 3.0%

$995 889 $1.12 3.0%

$1,185 889 $1.33 4.0%

2017

GREATER SALT LAKE RENT SF $/SF VACANCY

Salt Lake $1,087 875 $1.24 4.1%

Utah $1,097 943 $1.16 4.1%

Davis $1,005 906 $1.11 3.5%

Weber $864 960 $0.90 3.2%

Greater Salt Lake Averages $1,059 896 $1.18 4.0%

2018


$1,153 868 $1.33 4.3%

$1,138 944 $1.20 4.4%

$1,060 846 $1.25 3.0%

$937 927 $1.01 2.5%

$1,122 880 $1.27 4.0%

HISTORICAL RENTAL & VACANCY RATES

Source: CBRE, Inc.

RENTAL RATES BY COUNTY 2017 - 2019

Avg. Monthly Rent/Unit$2.00

$1.75

$1.50

$1.25

$1.00

$0.75

$0.00

$0.25

$0.50

$/SF

Source: CBRE, Inc.

$1,400

$1,200

$1,000

$800

$600

$400

$200

UTAH COUNTY DAVIS COUNTY WEBER COUNTY

$0.90

$864$864

WASATCH FRONTSALT LAKE COUNTY2017 2017 2017 2017

$1.16

$1,097$1,097

2018

$1.11

$1,005$1,005

2018 2018

$1.18

$1,059$1,059

2018

$1.20 $1.25

$1,138$1,138 $1,181$1,181

2019

$1.25 $1

.30

$1,060$1,060 $1,102$1,102

2019$1

.01 $1.12

$937$937 $995$995

2019

$1.27 $1

.33

$1,122$1,122 $1,185$1,185

20192017 2019

$1.33 $1.38

$1,153$1,153 $1,218$1,218

2018

$1.24

$1,087$1,087

$0

BY CLASS CLASS A

CATEGORY RENT $/SF VACANCY

Studio $1,194 $2.18

1 Bed 1 Bath $1,182 $1.58

2 Bed 1 Bath $1,321 $1.34

2 Bed 2 Bath $1,427 $1.34

3 Bed 2 Bath $1,675 $1.24

Overall $1,352 $1.42 4.3%

CLASS B

RENT $/SF VACANCY

$788 $1.95

$1,006 $1.51

$1,129 $1.27

$1,269 $1.26

$1,430 $1.15

$1,168 $1.30 3.7%

CLASS C

RENT $/SF VACANCY

$701 $1.97

$854 $1.46

$992 $1.19

$1,104 $1.15

$1,198 $1.03

$932 $1.33 4.5%

GREATER SALT LAKE CURRENT RENTAL & VACANCY RATES GREATER SALT LAKE TAKEAWAYS

Source: CBRE, Inc.

5.6% RENT GROWTH FOR 2019

5% YEAR-OVER-YEAR RENT GROWTH FOR SEVEN YEARS IN A ROW

NO CHANGE IN 4% VACANCY FOR FOUR YEARS STRAIGHT

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© 2020 CBRE, Inc. © 2020 CBRE, Inc. 14 15

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DOWNTOWN CLASS A

CATEGORY RENT $/SF

Studio $1,290 $2.31

1 Bed 1 Bath $1,512 $2.10

2 Bed 1 Bath $1,816 $1.93

2 Bed 2 Bath $1,916 $1.80

3 Bed 2 Bath $2,559 $2.03

Overall $1,707 $1.96

CLASS B

RENT $/SF

$1,147 $2.75

$1,249 $1.83

$1,401 $1.28

$1,543 $1.55

$1,665 $1.19

$1,391 $1.64

DOWNTOWN RENTAL RATE COMPARISON BY CLASS (A & B ONLY)

Source: CBRE, Inc.

SUBURBAN CLASS A

CATEGORY RENT $/SF

Studio $1,109 $1.97

1 Bed 1 Bath $1,142 $1.51

2 Bed 1 Bath $1,329 $1.31

2 Bed 2 Bath $1,395 $1.27

3 Bed 2 Bath $1,671 $1.24

Overall $1,315 $1.35

CLASS B

RENT $/SF

$931 $1.87

$999 $1.52

$1,136 $1.30

$1,261 $1.26

$1,465 $1.18

$1,183 $1.30

SUBURBAN RENTAL RATE COMPARISON BY CLASS (A & B ONLY)

Source: CBRE, Inc.

VACANCY COMPARISON BY LOCATION

6.0%

5.0%

5.5%

4.0%

4.5%

3.5%

3.0%

2.5%

2.0%

1.5%

1.0%

0.5%

Source: CBRE, Inc.

DOWNTOWN VS. SUBURBAN MULTIFAMILY STATS

Rents have remained strong in Downtown, realizing a 5.0% year-over-year growth in 2019. Even with new supply being delivered to the market, rents are on the climb and all stabilized apartment properties continue to perform with high occupancies. Additionally, the tenant demographics are generally the strongest in the market with many high-income tenants. The extension of the lifestyle experience delivered from the downtown community amenities—with many excellent dining, retail and entertainment option—draws the attention of the young professionals moving to Salt Lake City. These are just a few of the many reasons why investors and developers alike continue to seek out the downtown Salt Lake City submarket.

Likewise, the suburban market has continued to be very robust, posting a 5.7% year-over-year rent growth in 2019. Vacancies have held steady at 4% for four years in a row. Class B assets experienced a rent growth of 6.4%, while Class A asset rents grew at 4.6% year-over-year. The greater rent growth in Class B properties is largely due to B assets drafting off the higher rents being realized by Class A assets, and the fact that many B assets are being renovated, further pushing rents.

Downtown Salt Lake City has continued to lead the market with the delivery of new apartment units. Approximately 15% of the entire Salt Lake County apartment inventory is located downtown, with a total of 15,236 units. Presently there are 2,400 units under construction comprising a total of 13 properties. Of the approximate 1,000 units actually delivered to the downtown market, a little over 600 have been leased. More units are on the way—1,400 to be exact. Current conditions have properties offering slightly more aggressive concessions in an effort to capture tenants. However, Salt Lake’s robust demand for apartments, fueled by consistent in-migration and strong economic growth, have kept absorption dependable.

$0

$200

$400

$600

$800

$1,000

$1,200

$1,800

$1,600

$1,400

1 BED 1 BATH 2 BED 1 BATH 2 BED 2 BATH 3 BED 2 BATH OVERALL

HISTORICAL RENTAL RATES BY UNIT TYPE (AVERAGE MONTHLY AND PER SQ. FT. RATES)

$0.50

$0.25

$0.00

$1.00

$0.75

$2.75

$2.50

$2.00

$1.75

$2.25

$1.50

$1.25

SALT LAKE COUNTY

Source: CBRE, Inc.

The Wall Street Journal recently published a headline story that stated, “Why Utah Has Become America’s Economic Star.” Printed December 9, 2019 and authored by Brian Peckford, the story reported on the results of an index of economic competitiveness published by the American Legislative Exchange Council, where every year for the past 12 years Utah has come out on top, beating all other states. A pro-business, pro-job culture and efficient economic policies has Utah attracting extremely favorable demographics. Boasting a highly educated, young population, Utah has a naturally thriving multifamily sector poised for continued success and considerable growth.

The dynamic Salt Lake Valley is the center of commerce and business activity for Utah. Recent infrastructure development has been robust and will continue to deliver further economic vibrancy to the Salt Lake market. The Salt Lake International Airport, with its $4.1 billion redevelopment; commuter rail extending to Ogden to the north and Provo to the south; and UTA’s Trax Light Rail network connecting people to all major business, retail and entertainment centers; has Salt Lake poised to accommodate its rapidly growing population.

Favorable market conditions compared to other neighboring western state markets will keep most investors and developers focused on the Salt Lake market for the foreseeable future.

SALT LAKE COUNTY TAKEAWAYS

CLASS B RENT GROWTH WAS 6.4%

DOWNTOWN PSF RENT IS $.47 GREATER THAN SUBURBAN MARKET

47 PROPERTIES PRESENTLY UNDER CONSTRUCTION

$1.99$1.99

$827

STUDIO

$2.09

$891

$2.21

$976 $969

$1.41

$1,015

$1.51

$1,063

$1.58

$1,023

$1.13

$1,065

$1.22

$1,111

$1.28

$1,373

$1.10

$1,469

$1.16

$1,533

$1.21

$1,242

$1.21

$1,087

$1.24

$1,313

$1.30

$1,368

$1.32

$1,153

$1.33

$1,218

$1.38

2017 2018 2019

DOWNTOWN

4.7%

SUBURBAN

4.2%

0.0%

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© 2020 CBRE, Inc. © 2020 CBRE, Inc. 16 17

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SALT LAKE COUNTY UNITS DELIVERED/PROJECTED 2015-2022*

6,000

5,000

3,000

4,000

2,000

1,000

SALT LAKE COUNTY

RENTAL RATE & VACANCY SUMMARY TABLES

Source: CBRE, Inc. Source: Salt Lake Tribune.

BY CLASS CLASS A


Studio $1,209 $2.22

1 Bed 1 Bath $1,207 $1.63

2 Bed 1 Bath $1,330 $1.32

2 Bed 2 Bath $1,483 $1.37

3 Bed 2 Bath $1,756 $1.31

Overall $1,380 $1.47 4.6%

CLASS B

RENT $/SF VACANCY

$953 $1.95

$1,024 $1.55

$1,147 $1.30

$1,286 $1.29

$1,469 $1.18

$1,195 $1.32 4.0%

CLASS C

RENT $/SF VACANCY

$781 $2.35

$891 $1.53

$1,027 $1.24

$1,104 $1.15

$1,270 $1.07

$972 $1.35 5.3%

BY SIZE 50 - 99 UNITS


Studio n/a n/a

1 Bed 1 Bath $1,008 $1.43

2 Bed 1 Bath $1,041 $1.14

2 Bed 2 Bath $1,573 $1.49

3 Bed 2 Bath $1,492 $1.18

Overall $1,154 $1.26 5.7%

100+ UNITS

RENT $/SF VACANCY

$984 $2.22

$1,066 $1.59

$1,123 $1.30

$1,362 $1.32

$1,535 $1.21

$1,221 $1.38 4.3%

CATEGORY RENT SF $/SF VACANCY

Studio $976 442 $2.21

1 Bed 1 Bath $1,063 673 $1.58

2 Bed 1 Bath $1,111 869 $1.28

2 Bed 2 Bath $1,368 1,034 $1.32

3 Bed 2 Bath $1,533 1,265 $1.21

Overall $1,218 886 $1.38 4.4%

BY UNIT TYPE BY YEAR 1990 - 1999


Studio n/a n/a

1 Bed 1 Bath $1,105 $1.46

2 Bed 1 Bath $1,166 $1.23

2 Bed 2 Bath $1,371 $1.31

3 Bed 2 Bath $1,536 $1.20

Overall $1,299 $1.30 4.1%

2000 - 2009

RENT $/SF VACANCY

$871 $2.27

$1,113 $1.50

$1,252 $1.33

$1,404 $1.32

$1,553 $1.23

$1,312 $1.37 3.6%

BUILT AFTER 2010

RENT $/SF VACANCY

$1,221 $2.23

$1,233 $1.70

$1,266 $1.36

$1,449 $1.40

$1,587 $1.24

$1,379 $1.48 4.5%

9.0%8.0%7.0%6.0%5.0%4.0%3.0%2.0%1.0% $400

$500$600$700$800$900$1,000

10.0% $1,300$1,200$1,100

OVERALL VACANCY & RENT

20092008 2010 2011 2012 2013 2014 2015 2017 201920182016

VACANCY (%) RENT ($)

Source: CBRE, Inc.

$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vacancy (%) 6.8% 8.6% 6.2% 5.2% 5.0% 5.1% 4.9% 4.1% 3.2% 4.1% 4.3% 4.4%

Rent ($) $771 $739 $755 $791 $810 $850 $892 $960 $1,027 $1,087 $1,153 $1,218

YOY Rent Growth 5.2% -4.2% 2.2% 4.8% 2.4% 4.9% 4.9% 7.6% 7.0% 5.8% 6.1% 5.7%

VACANCY RATE

3.9%

RENTAL RATE

$1,153

2018VACANCY RATE

4.4%

RENTAL RATE

$1,218

2019

Source: CBRE, Inc. *Projected units are those currently under construction with an estimated completion date.

PROJECTED

Major Project - Salt Lake County

THE SALT LAKE CITY SKYLINE IS CHANGINGPROJECT SUMMARYEight or more new high-rise developments are planned to be constructed downtown. It is anticipated the construction of these buildings will draw in new tech companies, mirroring the success northern Utah County has recently seen. Office space, residential, and a new convention center hotel are all in the planning or under-construction stages. Regarding the impact that these developments will have on downtown Salt Lake City, Executive Director of the Salt Lake Chamber’s Downtown Alliance Dee Brewer said, “The addition of residential is needed for the talent we need to recruit and the workforce that we need in the growing economy.” Read more here.

2018

2,7952,795

2021

2,8922,892

2020

4,2444,244

2022

698698

2017

3,8043,804

2016

2,2392,239

2015

1,6491,649

0

PROJECTED DELIVERIES2020 to 2022

7,834

UNITS DELIVERED2015 to 2019

13,338

0.0%

2019

2,8512,851

1 2 3 4 5 6 7 8UNION PACIFIC HOTEL 95 STATE AT CITY CREEK LIBERTY SKY APTS. BLOCK 67 CONVENTION CENTER HOTEL 255 S. STATE STREET THE EXCHANGE 650 MAIN

Including eight stories and 200

rooms

25-story office tower 24 stories,272 units

Four mixed-use towers up to 27

stories; 650 apartment units

28-story hotel tower 190 Units Two multi-story mixed-use with 412

apartments

Two 10-storyoffice towers

1

23

45

6 7 8

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SALT LAKE COUNTY: MARKET RATE UNDER CONSTRUCTION*

# NAME UNITS

1 @ 2100 81

2 2100 Lofts 206

3 40 Park 208

4 606 West North Temple 22

5 Alto 20

6 Affinity 56 Phase 2 222

7 Anthology at Vista Station 242

8 Brixton Phase 2 93

9 Broadway Apartments 256

10 Colony Farms 301

11 Gladstone Place 187

12 Hardison Apartments 138

13 Harmony Square 285

14 Haven Dell at Monarch Village 126

15 Hawthorne Townhomes 218

16 Hive Apartments 296

17 Ivory Urban and Vista Station 308

18 Ivory Urban at Fairbourne Station 2 201

19 Jordan Station, Phase 2 237

20 Liberty Point 50

21 Liberty Sky 272

22 Liberty Square 53

23 Lotus Klass 18

24 Micro Units 77

# NAME UNITS

25 Moda Main 11

26 Moda Town Center 24

27 Paperbox Lofts Ph 1 195

28 Parc View Apartments and Townhomes 374

29 Paxton 365 121

30 Quattro 95

31 River Park Boulevard 40

32 Rockpoint 251

33 Soleil Lofts 360

34 Station at Gardner Mill 272

35 Sugarmont phase 1 170

36 Sugarmont phase 2-3 182

37 TAG 945 12

38 TAG Fayette 49

39 The Birdie 61

40 The Exchange A 286

41 The Marq 64

42 Point of View 324

43 Upper West 206

44 Vida at Daybreak 466

45 Wells Mixed-Use Development 12

46 West Quarter Apartments 241

47 West Temple Micro Unit 68

7,834 Total Units

Source: Western States Multifamily. Maps as of February 2020. *2020 Deliveries YTD are listed as Under Construction.

SALT LAKE COUNTY: MARKET RATE COMPLETED 2015-2019

# NAME UNITS

1 700 South Apartments 16

2 Aire Condominiums 30

3 Bridges at Citifront - Phase 2 91

4 Element 31 at Brickyard 208

5 Lofts at 7800 192

6 Lotus Madrona 37

7 Millcreek Towers 38

8 Pinnacle Highbury 290

9 Seasons at Library Square 119

10 Seasons on the Boulevard (Velo) 99

11 Solameer at Herriman Towne Center 134

12 South Ridge 145

13 West Station 145

14 Wilmington Flats 105

15 Drycreek at East Village 282

16 Encore 189

17 Green Leaf at East Village 336

18 Jordan Station 302

19 Meadows at Park Avenue Ph 1 & 2 135

20 Millcreek 9 27

21 Moda Sego 28

22 Oquirrh Hills 288

23 Paragon Station Lofts 38

24 Prana Townhomes 21

25 Rockledge at Quarry Bend 416

26 Triton Terrace 177

27 4th West Apartments 493

28 Alta Gateway 277

29 Artspace Macaroni Flats 13

30 Axio 8400 332

31 Brickyard 24

32 Downtown 360 Apartments 151

33 Draper Village 181

34 Greenprint 60

35 Hills at Sandy Station - Ph 2 146

36 Liberty Crest 177

37 Locust Lane 10

38 Lotus Tapestry 42

39 Moda Bonneville 158

40 Moda Highland Park 40

41 Moda S-Line Townhomes 32

42 Novi at Jordan Valley Station 267

43 Parc West 249

44 Park at City Center 330

45 Park East 70

46 Riverfront 288

47 Rockwell Village at Independence 60

# NAME UNITS

48 The Ridge 261

49 Via - Ph 1&2 138

50 Washington Street Row Houses 5

51 21 by Urbana 126

52 8th & 8th Apartments 24

53 965 Central 50

54 Affinity 56 Phase 1 192

55 Block 44 214

56 C9 Flats 97

57 Central Ninth Place 13

58 District North 148

59 Hardware Station -West Village 265

60 Haxton Apartments 39

61 Herriman Town Center 304

62 Liberty Blvd 266

63 Meridian 263

64 Metro at Fireclay, Phase I 175

65 Milagro 182

66 Salt Flats 86

67 TenFifteen 54

68 The Zeller 292

69 Unnamed Townhomes 5

70 Aspira at Anthem 342

71 Brick Lofts 58

72 Brixton Flats 166

73 Calla Homes 43

74 Diamond Ridge 57

75 Hardware Station- East Village 195

76 Icon 9700 264

77 Maven Townhomes 25

78 Midvale Station 33

79 Millcreek Flats 14

80 Moda Spring Run 48

81 Murray Crossing 293

82 Nexus on 9th 28

83 North Metro Town Homes 28

84 Odessa at the District 120

85 Overlook at Rosecrest 196

86 Paytons Quarry of Herriman 122

87 Pierpont by Urbana 87

88 Ritz Classic Multifamily 287

89 Salt Lake Costumes Site 19

90 Skyhouse 240

91 TAG 365 21

92 The Metro at Fireclay Phase II 165

13,338 Total Units

Source: Western States Multifamily. Maps as of February 2020.

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© 2020 CBRE, Inc. © 2020 CBRE, Inc. 20 21

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UTAH COUNTY

CURRENT RENTAL & VACANCY RATES



Studio N/A N/A

1 Bed 1 Bath $791 $1.36

2 Bed 1 Bath $899 $1.25

2 Bed 2 Bath $1,213 $1.15

3 Bed 2 Bath $1,014 $1.19

Overall $885 $1.28 2.6%

100+ UNITS

RENT $/SF VACANCY

N/A N/A

$1,030 $1.36

$1,064 $1.27

$1,289 $1.23

$1,492 $1.13

$1,193 $1.25 3.3%

OVERALL

RENT $/SF VACANCY

$982 $1.70

$1,010 $1.36

$1,033 $1.27

$1,287 $1.23

$1,491 $1.13

$1,181 $1.25 3.2%

HISTORICAL RENTAL & VACANCY RATES

BY YEAR 2017

CATEGORY RENT $/SF

Studio N/A N/A

1 Bed 1 Bath $996 $1.34

2 Bed 1 Bath $962 $1.17

2 Bed 2 Bath $1,154 $1.09

3 Bed 2 Bath $1,476 $1.12

Overall $1,097 $1.16

2018

RENT $/SF

$914 $1.61

$966 $1.32

$960 $1.14

$1,247 $1.18

$1,491 $1.12

$1,138 $1.22

2019

RENT $/SF

$982 $1.70

$1,010 $1.36

$1,033 $1.27

$1,287 $1.23

$1,491 $1.13

$1,181 $1.25

Source: CBRE, Inc.

Source: CBRE, Inc.

UTAH COUNTY TAKEAWAYS

LOW 3.2% VACANCY

2 BED 1 BATH UNITS UP 7%

849 NEW UNITS EXPECTED IN 2020


Source: CBRE, Inc.

7.0%

6.0%

5.0%

4.0%

3.0%

2.0%

1.0% $400$500$600$700$800$900$1,000

8.0% $1,300$1,200$1,100

20092008 2010 2011 2012 2013 2014 2015 2017 201920182016


$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vacancy (%) 5.7% 7.0% 5.5% 5.0% 3.2% 4.4% 3.6% 4.1% 4.0% 4.1% 4.4% 3.2%

Rent ($) $719 $701 $716 $753 $788 $807 $868 $924 $1,041 $1,097 $1,138 $1,181

YOY Rent Growth 2.0% -2.5% 2.1% 5.2% 4.6% 2.4% 7.6% 6.5% 12.7% 5.4% 3.7% 3.8%

VACANCY RATE

4.6%

RENTAL RATE

$1,138

2018VACANCY RATE

3.2%

RENTAL RATE

$1,181

2019

SALT LAKE COUNTY: MARKET RATE POTENTIAL STARTS

Source: Western States Multifamily. Maps as of February 2020.

# NAME UNITS

1 12th East Apartments 18

2 4- Legged Townhomes 11

3 600 South Main 170

4 7200 South Apartments 33

5 AJ Rock 284

6 Bella Vea Village 320

7 Block 200 283

8 Box 500 78

9 Cairns South Village 204

10 Canyon Centre Heights 113

11 Creekside 223

12 Decker Lake Station Apartments 199

13 Draper Apartments 400

14 Edge at the Connection 238

15 Emeril Studio Lofts 21

16 Esplanade 101

17 Ice House Apartments 158

18 Ivory Urban at South Temple 116

19 Kensington Tower 380

20 Liberty Uptown 109

21 Magnolia 65

22 Metropolitan 74

23 Moda Luxe 208

24 Near Transit Stop 69

25 Opus Green 69

26 Paperbox Lofts Ph 2 137

27 Red Sky 174

28 Rockwell Lofts 21

29 Rose Creek Crossing 180

30 Sage Valley Apartments 446

31 Salt Lake Crossing 300

32 Seven O2 239

33 Soleil Lofts Ph 2 240

34 South City 291

35 South Ridge Phase 2 30

36 TAG 343 45

37 TAG 950 18

38 TAG 962 18

39 TAG Crossings 120

40 The Beverly 48

41 The Citizen 257

42 The East Village Ph 2 304

43 The Revival 143

44 The Slate 150

45 The Sloane 88

46 The Yardi on Highland 328

47 Union Woods 209

7,730 Total Units

0.0%

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© 2020 CBRE, Inc. © 2020 CBRE, Inc. 22 23

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# NAME UNITS STATUS

1 63 Center 41 Completed

2 Alloy at Geneva 324 Completed

3 Canyon View Crossing 180 Completed

4 Carson Corner 11 Completed

5 Cherry Hill 74 Completed

6 Grassland Condos 24 Completed

7 ICO Mayfield 214 Completed

8 Lakeview Condos 44 Completed

9 Steeple Chase 26 Completed

10 The Boulevard 110 Completed

11 The Old Chapel 15 Completed

12 Bella Grace 24 Completed

13 Concord at Geneva 304 Completed

14 Edgewater 213 Completed

15 ICO Monteval 131 Completed

16 Midtown 360 286 Completed

17 Outlook 260 Completed

18 Parc on Center 168 Completed

19 Seasons of Traverse Mountain Phase 1 & 2 440 Completed

20 Tucker Row at Waters Edge 132 Completed

21 Lochs at Waters Edge 220 Completed

22 Parkway Lofts 332 Completed

23 Sun Canyon Villas 83 Completed

24 The Meadows 16 Completed

25 200 City View 139 Completed

# NAME UNITS STATUS

26 Art City 41 Completed

27 Easton Park 312 Completed

28 Fields at Timpanogos 192 Completed

29 Rivulet 252 Completed

30 The Aston at University Place Ph. 1 & 2 478 Completed

31 Traverse Towns 92 Completed

32 Eversage 168 Completed

33 Lesa Shirley 10 Completed

34 Meadows at American Fork Phase 270 Completed

35 Midtown360 Phase II 104 Completed

36 Parc on 5th 252 Completed

37 Porter Ranch Townhomes 128 Completed

38 The Devon 129 Completed

39 Village at Porters Crossing 94 Completed

40 Village on 4th 96 Completed

41 Vine 468 Completed

42 400 Element 108 Under Construction

43 860 Place 178 Under Construction

44 Arbors on the Avenue 68 Under Construction

45 Eagle Heights Village 310 Under Construction

46 Flats at Riverwoods 218 Under Construction

47 High Line Square 67 Under Construction

48 Lehi Tech Center 330 Under Construction

49 Mill Point 413 Under Construction

50 Meadows 142 Under Construction

UTAH COUNTY: MARKET RATE COMPLETED 2015-2019/PIPELINE*


POTENTIAL START 3,139 UnitsP

UNDER CONSTRUCTION 2,349 UnitsUC

COMPLETED 6,897 UnitsC

UTAH COUNTY UNITS DELIVERED/PROJECTED 2015-2022*

2,500

2,000

1,000

1,500

500

Source: CBRE, Inc.

0

*Projected units are those currently under construction with an estimated completion date.

PROJECTED

2017

651651

2021

966966

2020

849849

2018

1,5061,506

2019

1,7191,719

2022

534534

2016

1,9581,958

2015

1,0631,063


2,349


6,897

# NAME UNITS STATUS

51 Millpond 214 Under Construction

52 Palladium 36 Under Construction

53 Parkview Towns 120 Under Construction

54 Rees Apartments 32 Under Construction

55 The Exton 70 Under Construction

56 The Fields at Orem 43 Under Construction

57 10 Units in Orem 10 Potential Start

58 American Fork Apartments 300 Potential Start

59 Apple Grove 60 Potential Start

60 Blue Sky 131 Potential Start

61 Dublin Farms 128 Potential Start

62 East Bay 331 Potential Start

63 Fossil Cove 66 Potential Start

64 Ivory Living at Mayfield North 30 Potential Start

65 Lexington Green 252 Potential Start

66 Midtown360 Phase III 144 Potential Start

67 Orem Art Space 213 Potential Start

68 Patriot Station 125 Potential Start

69 Pineridge Farms 100 Potential Start

70 Ridgeview Townhomes 96 Potential Start

71 Spanish Fork Apartments Phase I 192 Potential Start

72 Spring Haven 160 Potential Start

73 The Apartments on the Boulevard 200 Potential Start

74 The Mix at River's Edge 293 Potential Start

75 The Vue at Traverse Mountain Phase I-II 308 Potential Start

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DAVIS COUNTY UNITS DELIVERED/PROJECTED 2015-2022*

600

500

300

400

200

100

Source: CBRE, Inc.

DAVIS COUNTY



Studio $525 $1.46

1 Bed 1 Bath $870 $1.26

2 Bed 1 Bath $1,015 $1.08

2 Bed 2 Bath $1,162 $1.13

3 Bed 2 Bath $1,334 $1.05

Overall $1,028 $1.13 2.7%

100+ UNITS

RENT $/SF VACANCY

$683 $2.00

$992 $1.51

$1,114 $1.23

$1,278 $1.26

$1,472 $1.21

$1,111 $1.33 3.0%

OVERALL

RENT $/SF VACANCY

$655 $1.90

$985 $1.49

$1,098 $1.21

$1,257 $1.24

$1,452 $1.19

$1,102 $1.30 3.0%


Source: CBRE, Inc.

VACANCY DROPS 80 BPS TO 3.0%

507 UNITS TO DELIVER IN 2020

HISTORICAL RENTAL RATES

BY YEAR 2017

CATEGORY RENT $/SF

Studio $586 $1.43

1 Bed 1 Bath $906 $1.29

2 Bed 1 Bath $987 $1.10

2 Bed 2 Bath $1,071 $1.06

3 Bed 2 Bath $1,221 $0.97

Overall $1,005 $1.11

2018

RENT $/SF

$665 $1.93

$959 $1.48

$1,055 $1.16

$1,157 $1.19

$1,382 $1.12

$1,060 $1.25

2019

RENT $/SF

$655 $1.90

$985 $1.49

$1,098 $1.21

$1,257 $1.24

$1,452 $1.19

$1,102 $1.30

Source: CBRE, Inc. Source: Salt Lake Tribune.

RENT GROWTH SLOWED 1.6%


Source: CBRE, Inc.

7.0%6.0%5.0%4.0%3.0%2.0%1.0% $400

$500

$600

$700

$800

$900

$1,000

10.0%9.0%8.0%

$1,200

$1,100

20092008 2010 2011 2012 2013 2014 2015 2017 2018 20192016


$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vacancy (%) 5.9% 8.0% 5.1% 5.8% 6.6% 4.6% 4.6% 4.0% 3.4% 3.5% 3.0% 3.0%

Rent ($) $715 $701 $711 $701 $720 $756 $796 $839 $933 $1,005 $1,060 $1,102

YoY Rent Growth 6.7% -2.0% 1.4% -1.4% 2.7% 5.0% 5.3% 5.4% 11.2% 7.7% 5.5% 3.9%

0.0%

VACANCY RATE

3.8%

RENTAL RATE

$1,060

2018VACANCY RATE

3.0%

RENTAL RATE

$1,102

2019

DAVIS COUNTY TAKEAWAYS

*Projected units are those currently under construction with an estimated completion date.

PROJECTED

Major Project - Davis County

NEW ROAD CONSTRUCTION INCREASING DAVIS COUNTY ACCESSIBILITY

PROJECT SUMMARYIt has become a top priority for the state to enable Davis County to become more accessible. The county has had a 16% population increase this past decade, and is experiencing growing pains.

The Utah Department of Transportation has earmarked $451 million dollars for improvement projects which include funds to convert U.S. 89 in Davis County into a full freeway. The UDOT Commission added $200 million to their previous $275 million estimated cost in the conversion to the freeway. The budget was also increased $190.75 million for the West Davis Highway to increase the number of lanes by two in each direction. Read more here.

2021

427427

2020

509509

2018

404404

2019

121121

2017

567567

2022

00

2016

503503

2015

00


936


1,595

0

PROJECT COST

$1.275 BillionPROJECT DETAIL

Freeway Accessibility Improvements

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Source: CBRE, Inc.

WEBER COUNTY


7.0%6.0%5.0%4.0%3.0%2.0%1.0% $400

$500

$600

$700

$900

$800

10.0%9.0%8.0%

$1,100

$1,000

20092008 2010 2011 2012 2013 2014 2015 2017 201920182016


$300

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Vacancy (%) 7.2% 9.0% 6.8% 6.5% 6.1% 6.9% 4.7% 4.2% 2.3% 3.2% 2.5% 3.0%

Rent ($) $651 $639 $640 $655 $684 $678 $698 $754 $810 $864 $937 $995

YOY Rent Growth 4.5% -1.8% 0.2% 2.3% 4.4% -0.9% 2.9% 8.0% 7.4% 6.6% 8.5% 6.2%

VACANCY RATE

2.7%

RENTAL RATE

$937

2018VACANCY RATE

3.0%

RENTAL RATE

$995

2019

DAVIS COUNTY: MARKET RATE COMPLETED 2015-2019/PIPELINE*


# NAME UNITS STATUS

1 100 South Apartments 18 Completed2 Eaglewood Lofts 410 Completed3 Sessions Settlement 19 Completed4 Village at Church & Main 56 Completed5 Avanti at Farmington Station 142 Completed6 Farmington Crossing 93 Completed7 Greyhawk Townhomes 114 Completed8 Parkview Townhomes 24 Completed9 The Park at Legacy Trails 162 Completed

10 University Ridge 32 Completed11 Boardwalk Townhomes 15 Completed12 City Centre 123 Completed13 City's Edge North, PH 2 6 Completed14 Clearfield Station 216 Completed15 Odell Crossing 44 Completed16 Aero Townhouses 49 Completed17 Carringtion Place - Phase 2 60 Completed18 Jaybird Apartments 12 Completed19 700 West Layton 132 Under Construction20 1 & 1 12 Under Construction21 City's Edge Central 21 Under Construction22 Clearfield Junction 112 Under Construction23 Coventry Townhomes 55 Under Construction24 Layton 193 187 Under Construction25 ICO Station Parkway - Phase 1 267 Under Construction26 Renaissance Place 40 Under Construction27 The Point 108 Under Construction28 150 North Main Street 8 Potential Start29 1950 South 575 West 116 Potential Start30 350 North Main Street 12 Potential Start31 750 Depot Street 12 Potential Start32 Bravada 193 328 Potential Start33 City Plaza 106 Potential Start34 City's Edge Ph II 15 Potential Start35 Clearfield Junctions PhII 132 Potential Start36 Double Take 14 Potential Start37 Layton Hills 190 Potential Start38 Renaissance South Apartments 217 Potential Start39 Syracuse Apartments 240 Potential Start40 The Kurtz 11 Potential Start41 The Winnie 20 Potential Start42 Williamsburg Luxury Apartments 214 Potential Start43 Wright 300 Apt 300 Potential Start44 Wright Syracuse Apartments 116 Potential Start45 Wright Syracuse Townhomes 28 Potential Start

HISTORICAL RENTAL RATES

BY YEAR 2017

CATEGORY RENT $/SF

Studio $510 $1.28

1 Bed 1 Bath $756 $1.00

2 Bed 1 Bath $820 $0.89

2 Bed 2 Bath $992 $0.92

3 Bed 2 Bath $1,175 $0.86

Overall $864 $0.90

2018

RENT $/SF

$591 $1.49

$850 $1.16

$854 $0.95

$1,129 $1.05

$1,237 $0.92

$937 $1.01

2019

RENT $/SF

$646 $1.64

$904 $1.28

$945 $1.10

$1,210 $1.15

$1,305 $0.99

$995 $1.12

Source: CBRE, Inc.



Studio $714 $1.28

1 Bed 1 Bath $750 $1.08

2 Bed 1 Bath $883 $0.99

2 Bed 2 Bath $1,042 $1.01

3 Bed 2 Bath $1,311 $0.92

Overall $918 $0.99 2.7%

100+ UNITS

RENT $/SF VACANCY

$641 $1.67

$964 $1.36

$978 $1.16

$1,234 $1.17

$1,302 $1.02

$1,025 $1.19 3.1%

OVERALL

RENT $/SF VACANCY

$646 $1.64

$904 $1.28

$945 $1.10

$1,210 $1.15

$1,305 $0.99

$995 $1.12 3.0%


Source: CBRE, Inc.

WEBER COUNTY TAKEAWAYS

LARGEST EVER UNIT DELIVERIES EXPECTED IN 2020: 696

8.5% RENT GROWTH FOR STUDIO UNITS

HIGHEST RENT GROWTH AMONG ALL COUNTIES: 6.2%

0.0%

UNDER CONSTRUCTION 936 UnitsUC



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# NAME UNITS STATUS

1 Mountain View Townhomes - Phase 1 58 Completed2 The Cove at Pleasant View 88 Completed3 The View on 20th 148 Completed4 Claradon Village Phase I-II 300 Completed5 Mountain View Townhomes - Phase 2 47 Completed6 Parkview at Hooper 12 Completed7 Aderra 114 Completed8 City Garden 61 Completed9 Mountain View Townhomes - Phase 3 40 Completed

10 Tower View Apartments 144 Completed11 Colonial Court- Phase 2 73 Completed12 Oak Ridge - Phase 2 12 Completed13 One West 216 Completed14 The Blackberry 22 Completed15 The Ranches - Phase 1 41 Completed16 View at the Junction 40 Completed17 Roy Regency Apartments 12 Completed 18 Seasons at Skyline - Phase 1 208 Completed19 The Ranches 117 Completed

20 Bria Apartments 268 Under Construction21 Chloe's Pointe 114 Under Construction22 Deisel @ Kiesel 22 Under Construction23 Haven Cove Townhomes - Phase 1 & 2 158 Under Construction24 Hidden Ridge 34 Under Construction25 Lewis Peak Apartments 86 Under Construction26 Moda Vista 79 Under Construction27 Orchards on 19th 75 Under Construction28 Parkside 7 32 Under Construction29 Seasons on Skyline Phase 2 50 Under Construction30 Sunrise Point Townhomes 17 Under Construction31 Village at Prominence Point 249 Under Construction

32 11 West Apartments 303 Potential Start33 12th Street Apartments 222 Potential Start34 644 28th Street 6 Potential Start35 Coopers Towne 156 Potential Start36 Greenhill at Riverdale, Phase 2 30 Potential Start37 Knudson Corner 104 Potential Start38 Lotus Foxridge 27 Potential Start39 Riverdale Road Apartments 180 Potential Start40 Terezza Apartments 256 Potential Start41 The Ranches Phases 3, 4 & 5 197 Potential Start42 The View on 20th - Phase 2 145 Potential Start43 Village at Prominence Point 249 Potential Start44 Wall Avenue & 17th Street 279 Potential Start45 Woods Rose 49 Potential Start46 West Garden Townhomes 56 Potential Start

WEBER COUNTY: MARKET RATE COMPLETED 2015-2019/PIPELINE*


WEBER COUNTY UNITS DELIVERED/PROJECTED 2015-2022*

800

700

600

500

300

400

200

100

Source: CBRE, Inc. *Projected units are those currently under construction with an estimated completion date.

PROJECTED

0

Source: Standard.net, October 2, 2019. Rendering Credit: Ogden City.

Major Project - Weber County

OGDEN CITY APPROVES $1.8 MILLION TAX INCENTIVE TO DEVELOPER

PROJECT SUMMARYLocal developer, Garn Development, has been approved to receive $1.8 million in tax incentives. The redevelopment project will include a new hotel in downtown Ogden. Garn will construct a TRU/Home2 Suites hotel at the southwest corner of Lincoln Avenue and 24th Street. This development, a 150-room hotel, will provide much-needed rooms in the downtown Ogden area. In the approval, the redevelopment agency board stipulated a completion date of June 30, 2021 which will provide the developer approximately a year-and-a-half to complete the project. The site is within the Kiesel Community Development Area, which encompasses approximately 39 acres and was approved by the RDA board in 2015. Read more here.

2021

488488

2020

696696

2018

382382

2019

337337

2017

359359

2022

00

2016

359359

2015

294294


1,184


2,097

INCENTIVE

$1.8M in Tax RebatesPROJECT DETAIL

Redevelopment Project

UNDER CONSTRUCTION 1,184 UnitsUC



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2016 - 2019 U.S. MULTIFAMILY INVESTMENT SALES VOLUME (BILLIONS)

$0.0

$20.0

$15.0

$10.0

$5.0

$30.0

$25.0

$35.0

TOTAL SALES VOLUME (BILLIONS)

Source: RCA Data Integration, February 2020. *Volume includes all properties that are 10 units and up or valued at over $1 million.

Source: CBRE Research, Mortgage Bankers Association (compilation from many sources and originations survey, forecasts), February 2020.

*Freddie Mac’s Current Forecast.

THE CBRE DIFFERENCE

MARCUS & MILLICHAPNEWMARK GRUBB KNIGHT FRANK

BERKADIAJLL CUSHMAN & WAKEFIELD EASTDIL SECUREDCBRE

2018

2018

2018

2018

2018

2018

2018

2019

2019

2019

2019

2019

2019

2019

$28.9

$33.0

2017

2017

2017

2017

2017

2017

2017

$26.6

2016

2016

2016

2016

2016

2016

2016

$32.4

MARKET ECONOMIC SUMMARYNow in the longest expansionary period on record, the national economy has begun to show initial signs of easing. While national job growth remains in line with expectations, this positive growth has been overshadowed by trade tensions, political uncertainty and market fluctuations. Also making headlines is the Federal Reserve’s January decision to hold the federal funds rate steady at 1.5-1.75%, indicating the Fed’s “wait-and-see” approach to the economy in the new year. This comes after three rate cuts were made in 2019 in response to a slowed global economy and lower-than-target inflation rates.

Amid the national uncertainty, Utah’s strong fundamentals—including high job and population growth—are expected to outperform national averages. However, rent pressure from growing demand and limited wage growth has caused concerns over housing affordability. Overall, the local economy is expected to retain momentum from the previous year and weather any late-cycle corrections.

LARGEST EMPLOYMENT SECTORS IN THE GREATER SALT LAKE AREA

Source: Department of Workforce Services- Utah’s Employment summary, January 2020.

13.8%

5.7%

16.1%

10.0%

8.6%

2.6%2.6%0.6%

7.0%

14.0%

18.9%

**Estimated, U.S. Census Bureau. **Department of Workforce Services, Dec. 2019.***Data USA: Utah. ***Utah Department of Workforce Services.

*Department of Workforce Services- Utah’s Employment summary, January 2020. *Bureau of Labor Statistics.

ECONOMIC DRIVERS OF DEMAND

UTAH JOB GROWTH*3.3%

MEDIAN HOUSEHOLD INCOME (UP 4.47%)***

$71,414UTAH POPULATION

GROWTH**

1.7%NEW JOBS ADDED IN 2019*LEADING STATE IN JOB CREATION

51,4542019 TOTAL JOBS**

1.59M

UTAH’S RECENT EMPLOYMENT GROWTH

TRADE, TRANS, UTILITIES

GOVERNMENT

PROFESSIONAL & BUSINESS SERVICES

EDUCATION & HEALTH

HOSPITALITY & LEISURE

MANUFACTURING

CONSTRUCTION

FINANCIAL ACTIVITIES

INFORMATION

OTHER SERVICES

MINING

HIGHEST GROSS SALES,10 YEARS RUNNING

COMMANDING MARKET LEAD

PROVEN MARKETING PROCESS

GREATEST MARKET EXPOSURE

MOST COMPREHENSIVE LOCAL MARKET RESEARCH

LARGEST LOCAL &NATIONAL MARKET SHARE

ESTIMATED MULTIFAMILY FINANCE VOLUME (BILLIONS)

$450

$400

$350

$300

$250

$200

$150

$100

$50

2018

$313$313

2017

$285$285

2016

$269$269

2020 PROJECTION*

$395$395

$0

Source: Utah Economic Council’s 2020 Economic Report to the Governor Highlights.

ECONOMIC DIVERSITY

According to the Hachman Index of economic diversity, Utah led the nation in economic diversity in 2018 with a score of 97.1 based on GDP by industry. The closer the score is to 100, the more the state is economically diversified. Utah’s well-diversified job market spans all major sectors including the tech, financial, healthcare, education, government, mining and construction sectors to provide one of the highest job growth markets in the country.

WA85.1

MT83.2

WY32.0

CO93.2

NM60.1

TX73.6

HI72.2

OK47.7

KS92.4

NE73.0

SD60.7

ND49.0 MN

94.0 WI91.5 MI

91.2

IL95.5

IN76.5

OH93.6

NY79.1

ME91.0

VTNHMARICTNJDEMD

89.494.589.489.191.093.856.088.3

DC 48.9

< 75.0 (Least Diverse)75.0 -84.985.0 -89.9

90.0 -94.995.0+ (Most Diverse)

KY89.6

TN92.1

IA75.8

AR88.1

LA83.9

MS86.3

AL90.6

GA95.9

SC91.0

NC93.5

VA89.1

WV64.1

FL92.0

OR93.4

ID82.3

CA92.8

AK33.8

NV67.5

AZ96.0

UT97.1

MO96.8

PA95.7

MULTIFAMILY DEBT MARKET UPDATE

2019 set another record year for multifamily finance volume, which reached $364 billion, and 2020 is projected to go even higher, with an estimated total volume of $395 billion. All-in long-term fixed interest rates are currently in the low-to mid-3%’s, with select transactions closing at sub-3% interest rates for best-in-class deals at low leverage. Lending appetite for multifamily remains robust among all lender types.

• All-in rates in the 2.90% to 3.50% range for 10-year fixed-rate loans, interest rate floors are typically dictating minimum rates.

• Low cost of debt creating further downward pressure on cap rates, highly competitive lending environment.

• Freddie Mac and Fannie Mae continue to dominate market share; all lender types aggressively pursuing multifamily assets.

• Flat yield curve driving borrowers toward longer-term fixed rates, with increased focus on prepay flexibility.

JOB GROWTH IN LIFESCIENCE INDUSTRY (#1 IN NATION)***

5%

$364$364

2019

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PATRICK BODNAR Vice President Institutional Properties +1 801 869 8053 [email protected]

ELI MILLS Senior Vice President Institutional Properties +1 801 869 8029 [email protected]

DOUG BIRRELL First Vice President Debt & Structured Finance +1 801 869 8041 [email protected]

FOR A MARKET VALUATION ON YOUR PROPERTY OR MORE INFORMATION CONTACT:

CBRE MULTIFAMILY

SEATTLE • PORTLAND • SACRAMENTO • OAKLAND • SAN FRANCISCO • WALNUT CREEK • SAN JOSE • VENTURA COUNTYLOS ANGELES • BEVERLY HILLS • ONTARIO • ANAHEIM • SOUTH BAY • NEWPORT BEACH • SAN DIEGO • TUCSONPHOENIX • LAS VEGAS • RENO • SALT LAKE CITY • DENVER • ALBUQUERQUE • SAN ANTONIO • AUSTIN • HOUSTONDALLAS • OKLAHOMA CITY • TULSA • KANSAS CITY • FAYETTEVILLE • ST. LOUIS • DES MOINES • MINNEAPOLIS MILWAUKEE • CHICAGO • INDIANAPOLIS • NASHVILLE • TOLEDO • LANSING • GRAND RAPIDS • DETROIT • CLEVELANDCOLUMBUS • CINCINNATI • ATLANTA • JACKSONVILLE • ORLANDO • TAMPA • NAPLES • MIAMI • FT. LAUDERDALEWEST PALM BEACH • CHARLESTON • COLUMBIA • GREENVILLE • CHARLOTTE • GREENSBORO • RALEIGH • NORFOLKRICHMOND • MCLEAN • WASHINGTON DC • BALTIMORE • PITTSBURGH • PHILADELPHIA • SADDLE BROOKNEW YORK CITY • BUFFALO • STAMFORD • HARTFORD • BOSTON

$33.3B+MULTIFAMILY SALES

TRANSACTIONS IN 2019

$30.4BMULTIFAMILY

FINANCING 2019

300+ PROFESSIONALSU.S. MULTIFAMILY

#1 FREDDIE MACSELLER/SERVICER

2018

TOP FIRM SINCE 2001U.S. MULTIFAMILY(PER RCA)

© Copyright 2020 CBRE Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of the CBRE Global Chief Economist. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.

DEBT & STRUCTURED FINANCECAPITAL MARKETS

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Hardware Station: 05 Executive Summary: 30 Market Economic Summary: 31 CBRE Difference: 06 GSLA: 06 GSLA Sub: 07 Submarket Snapshots: 10 Transaction Volume: 11 Supply Demand: 12 Greater Salt Lake Summary: 13 Vacancy Rent Growth: 14 Historical Rental Rates: 15 Downtown Suburban Stats: 16 Vacancy Rent Growth: 17 Major Project: 18 MF Housing Pipeline: 13 Salt Lake County: 21 Vacancy and Rent: 22 Multifamily Housing: 21 Utah County: 24 Vacancy and Rent: 25 Major Projects: 26 MF Housing Pipeline: 24 Davis County: 27 vacancy and rent growth: 28 Major Project: 29 MF Housing Pipeline: 27 Weber County: 04 Market Transactions: 08 Tech Corridor: 09 Transit Network: TOC: Page 3: Page 4: Page 5: Page 6: Page 7: Page 8: Page 9: Page 10: Page 11: Page 12: Page 13: Page 14: Page 15: Page 16:

TOC 6: Page 3: Page 4: Page 5: Page 6: Page 7: Page 8: Page 9: Page 10: Page 11: Page 12: Page 13: Page 14: Page 15: Page 16:

4th west: Avida: Zeller: Brixton: Icon 9700: The Aston: Park at Legacy Trails: Aderra: Axio 8400:

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