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Market Report

Salt Lake City Office Market Report

Second Quarter 2019

Unwavering Tenant Demand Persists; Listings Receive Increased Interest From Outside Buyers

 

Economic expansion supports vibrant leasing velocity. Home to a growing and well-educated workforce, favorable tax rates and a lower cost of doing business, Salt Lake City continues to attract new companies while encouraging expansions from existing firms, many of which are financial and tech-oriented. Relocations and growth by these businesses translated to the absorption of 10 million square feet of office space during the past three years, with leasing velocity strongest in Utah County and the South Valley. The volume of firms occupying initial or additional floor plans during the 36-month span negated the impact of supply additions, which increased the metro’s stock of office space by 10 percent. Entering the second quarter, the Wasatch Front is home to one of the lowest vacancy rates in the nation, with space availability at or near cyclically low levels in all major submarkets.

 

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