BOUNTIFUL - Office space is nearly doubling in Davis County.
That means there should be space to meet needs of companies that as recently as last year, said Chris Falk, who handles office leasing for NewMark Grub Acres.
In south Davis, new office space is coming online shortly at Station Park in Farmington, Legacy Crossing in Centerville, and adjacent to the Management Training Corporation headquarters, also in Centerville.
“We have a lot of people who over the last three to four years, representing both national and local groups, who wanted to expand into Davis County. We couldn’t find them a home,” Falk said.
He was one of three real estate officials who addressed the February meeting of the Davis Unified Economic Development group. Others were Tom Freeman of Commerce Real Estate and Mike Medina of Mountain West Retail.
Freeman, who specializes in industrial space, said conditions are looking “really good,” but that inventory is hurting, said Marlin Eldred, Davis County Economic Development Specialist.
Freeman spoke of some projects lost by Utah to Idaho because the Gem State offered “very lavish incentives” that helped attract businesses, Eldred said.
“Let’s turn this into a learning experience,” the group was told. Freeman advised cities and developers to be ready, to have sites prepared, zoning in place, “to move forward when projects come knocking.”
“He feels for 2014 and 2015 we should see a lot of movement in terms of industrial space, especially with regard to manufacturing,” Eldred said.
Freeman did note that the building vacated by Northrop Grumman when it moved onto Hill AFB is now half-leased, for example.
On the retail side, Medina said some companies that were in lower-end space now are able to move to higher end facilities.
“Decent growth” is what Medina expects to see in the sector, vs. “explosive” or “at a snail’s pace.”
“All three spoke very highly of Davis County for their respective markets,” Eldred said. “A lot of growth” was predicted in all three sectors.
That growth will be based on market need, employment and housing, Eldred said.