Greater Salt Lake Office Market
After a strong Q1, leasing volume slowed in Q2 and Q3 2025, though total activity still exceeds 2023 levels and is on pace to surpass 2024 by year-end. Direct vacancy has climbed 130 basis points year-to-date, largely due to a handful of large move-outs, while sublease availability remains steady at 3.0% and expected to decline as expiring long-term leases transition back to landlords. With spaces sitting longer on the market, landlords are lowering asking rents—now averaging $26.82/SF—and offering increased concessions; sublease rates and Class A/B pricing continue trending downward amid softer demand. Leasing momentum moderated as tenants adopted a more cautious stance amid tariff and technology-related uncertainty. Even so, year-to-date leasing volume remains ahead of recent years, reflecting a stable base of renewals.
Download Greater Salt Lake Office Market 3Q25
Greater Salt Lake Industrial Market
Demand for specialized and small-bay spaces remains high, commanding rental premiums amid tight supply. Sublease availability stabilized near 2.4 million square feet, with new listings offsetting absorbed space as occupiers continue to optimize their footprints. Vacancy rose to 5.9% as new deliveries outpaced absorption, though tight conditions persist outside bulk distribution, where vacancy averages just 2.5%. Class A leasing remains steady at roughly 55% of total transactions—well above pre-pandemic averages—demonstrating sustained preference for high-quality space.