Greater Salt Lake Office Market
Leasing velocity moderated following a strong first quarter; however, total leasing volume is up 15.9% YOY and aligns with the 15-year average of approximately 2.8 million SF. Direct vacancy increased 160 basis points from year-end 2024 to year-end 2025, while sublease vacancy declined 70 basis points, resulting in total availability stabilizing near 21% throughout 2025. Landlords are holding asking rents largely flat as spaces sit longer on the market, instead competing through enhanced concession packages that include higher tenant improvement allowances and free rent. Leasing activity remains renewal-driven, with tenants prioritizing cost control and stability over expansion amid economic and capital market uncertainty.
Download Greater Salt Lake Office Market 4Q25
Greater Salt Lake Industrial Market
Demand for specialized, flex, and small-bay industrial space remains strong, supporting rental premiums amid limited availability across non-bulk product types. Industrial sublease availability remains relatively balanced at approximately 2.4 million square feet, as new listings have largely offset absorbed space while tenants recalibrate space requirements. Direct vacancy increased year-over-year to approximately 5.6%, driven primarily by new bulk distribution deliveries, while vacancy across non-bulk product types remains tight near 2.4%. Class A properties continue to account for roughly 55% of total leasing activity, well above pre-pandemic norms, reflecting sustained tenant preference for modern, high-quality facilities.