CoreCast & Market Update

Over the last couple weeks, we have made great progress across the board:

• Underwriting: We have refined our underwriting capabilities for multifamily acquisitions and tee’d up our engineers for the other asset classes.

• User interface: Made some slick updates to the CoreCast user interface — it’s cleaner, more intuitive, and just looks better.

• First features coming soon: Our engineers are deep in the build, working hard to release our first features to the early access group.

We have filled 17 of the 50 beta lite user spots — which means we have 33 left! If you are in commercial real estate and want early access to powerful tools built by investors for investors, now’s the time.

This first group of 50 users receive all-access for $50 for 4 months and deeply discounted pricing going forward.

Once these 50 spots are gone, they’re gone.

👉 Sign up to join our beta group here:

If you haven’t already, check out the early-stage product demo. We are working on a current version (massive progress every week!), but this video helps give an idea for how the application is starting to look, and what it will do.

Market Update - Salt Lake City

1. Vacancy / Availability Rates
The office sector had the highest vacancy rate at 23.7%, though this marked a slight decline as leasing activity improved. Industrial availability hit 7.2%, reflecting recent construction deliveries. Retail availability remained tight at 3.9%, while the multifamily sector had an estimated vacancy rate of 6.2% (based on 93.8% occupancy).

2. Net Absorption
Industrial saw a dramatic rebound with over 4 million square feet absorbed—well above the 1 million in 2023. Office space absorption turned positive for the first time in two years with 253,216 square feet. Retail saw a decline with -115,000 square feet of net absorption. Multifamily added 2,793 units year-to-date, though Q3 absorption slowed.

3. Asking Rents
Industrial lease rates rose to $0.81 per square foot NNN, reflecting a 1.5% year-over-year growth. Retail rents averaged $22.28 per square foot, nearly flat from Q3. Multifamily rents hovered at $1,548 per unit per month, down from peak levels.

1  CBRE - Office

2  CBRE - Industrial

3  CBRE - Retail

4  CBRE - Multifamily

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