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    The Largest CRE Database in the US with Over 1 Million Listings

    701 Timpanogos Pkwy Orem, UT 84097

    Sponsored
    For Lease
    $19 SF/Yr

    Utah County Office Space, 32 Suites Available

    Lot size:
    924,634 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    426
    Canyon Park Tech Center offers 924,634 square feet of prime office space in Orem, Utah. This exceptional property comprises thirteen buildings, providing a variety of suite sizes ranging from 1,185 to 18,834 square feet, catering to diverse business needs. The campus boasts renovated suites and lobbies, generous parking, and an amenity center including a full-access gym and an outdoor yard activity center. Thirteen backup generators ensure reliable power, while abundant fiber options support modern communication needs. Tenants enjoy convenient access to an on-site Culinary Art Institute Cafe, UTA public transportation, the FrontRunner commuter rail, and the Murdock Canal Trail. The location offers proximity to Provo Canyon, 134 restaurants, and 1,488 hotel rooms. Additional amenities include an auditorium and conference center, making Canyon Park Tech Center an ideal location for businesses seeking a vibrant and well-equipped workspace in a desirable Utah County setting. The address is 701 Timpanogos Pkwy, Orem, UT 84097.

    Property Features for 701 Timpanogos Pkwy

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    924,634 SF
    Total Rate
    1521793.46

    Building Details

    Buildings
    13

    Spaces For Lease

    at 701 Timpanogos Pkwy, Orem, UT 84097 Contact us
    Unit B - 21-23

    $21 /Mo

    Size
    14,572 SF
    Contact us
    Unit E13 a & b

    $21 /Mo

    Size
    6,601 SF
    Contact us
    Unit B - 31-33

    $21 /Mo

    Size
    14,480 SF
    Contact us
    Unit C - 33

    $21 /Mo

    Size
    7,212 SF
    Contact us
    Unit D - 11

    $21 /Mo

    Size
    7,083 SF
    Contact us
    Unit Q - 23

    $21 /Mo

    Size
    18,834 SF
    Contact us
    Unit E - 33

    $21 /Mo

    Size
    7,508 SF
    Contact us
    Unit E11-B

    $21 /Mo

    Size
    1,940 SF
    Contact us
    Unit C - 25

    $21 /Mo

    Size
    6,892 SF
    Contact us
    Unit K - 11

    $21 /Mo

    Size
    17,217 SF
    Contact us
    Unit H - 11

    $21 /Mo

    Size
    14,200 SF
    Contact us
    Unit D001

    $21 /Mo

    Size
    5,113 SF
    Contact us
    Unit K - 13

    $21 /Mo

    Size
    15,065 SF
    Contact us
    Unit Q - 31

    $21 /Mo

    Size
    15,407 SF
    Contact us
    Unit D - 32-33

    $21 /Mo

    Size
    7,830 SF
    Contact us
    Unit A - 11

    $21 /Mo

    Size
    6,632 SF
    Contact us
    Unit A-01

    $21 /Mo

    Size
    6,092 SF
    Contact us
    Unit B - 11

    $21 /Mo

    Size
    7,205 SF
    Contact us
    Unit Q - 21

    $21 /Mo

    Size
    15,464 SF
    Contact us
    Unit K - 15

    $21 /Mo

    Size
    15,172 SF
    Contact us
    Unit H-02A

    $21 /Mo

    Size
    1,185 SF
    Contact us
    Unit M - 11

    $22 /Mo

    Size
    7,050 SF
    Contact us
    Unit Q - 15

    $21 /Mo

    Size
    14,623 SF
    Contact us
    Unit Q - 25

    $21 /Mo

    Size
    16,436 SF
    Contact us
    Unit F 03

    $19 /Mo

    Size
    7,672 SF
    Contact us
    Unit Q - 13

    $21 /Mo

    Size
    16,519 SF
    Contact us
    Unit H - 13

    $21 /Mo

    Size
    14,640 SF
    Contact us
    Unit M - 31-33

    $22 /Mo

    Size
    15,283 SF
    Contact us
    Unit B - 13

    $21 /Mo

    Size
    7,008 SF
    Contact us
    Unit Q - 33

    $21 /Mo

    Size
    18,782 SF
    Contact us
    Unit Q - 34-35

    $21 /Mo

    Size
    16,437 SF
    Contact us
    Unit Q - 11

    $21 /Mo

    Size
    14,971 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Brandon Fugal
    Brandon Fugal

    Learn more

    Property Insight Report

    HighLights

    • 924,634 square feet of prime office space.
    • 13 buildings with suites ranging from 1,185 to 18,834 square feet.
    • Renovated suites and lobbies.
    • Generous parking.
    • Amenity center with full‑access gym and outdoor yard.
    • 13 backup generators and abundant fiber options.
    Property Profile Location Intelligence

    Current Use by Public Records

    Canyon Park Tech ... Business Service Center Canyon Park Technology Business Park Canyon Park Management ... Business Park Squeeze Media Consultant Canyon Park Park

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Nail Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Orem
    County
    Utah
    State
    Utah
    Longitude
    -111.678655
    Latitude
    40.3234947

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      Renovated Retail Spaces Available

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      Orem Office Park with Amenities

      Office space in a park-like setting with many amenities.
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      100,000 SF

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      Orem Executive Office Suite Available

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      Orem Office Space: Prime Location

      Professional office suite, 1,668 sq ft.
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      University Place Office Space For Lease

      7,227 sq ft Class A Office Suite
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      Prime Orem Executive Office Suites

      Class A Office Space, 2 Suites Available
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      View Details
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      Prime Orem Office Space Available

      Modern Office Suites, 2,450 sq ft Available
      1875 State St, Orem, UT 84097
      View Details

    FAQs

    What type of property is this?
    Office Property / Space - Utah County Office Space, 32 Suites Available
    Where is this office property / space located?
    The property is located at 701 Timpanogos Pkwy Orem, UT.
    What is the lease rate?
    The lease rate is $19-$22 SF/Yr.
    What are key features of this property?
    This property features: 924,634 square feet of prime office space.; 13 buildings with suites ranging from 1,185 to 18,834 square feet.; Renovated suites and lobbies.
    (801) 947-8300
    Request Owner's contact information
    701 Timpanogos Pkwy Orem, UT 84097
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    Orem, UT 84097
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    701 Timpanogos Pkwy Orem, UT 84097
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    We can help!
    Listing Contact
    Brandon Fugal
    Brandon Fugal
    Real Estate License ID: 5477023-SA00
    (801) 947-8300
    Learn more
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