Salt Lake City Office Market
| Average Actual Rent (Price/SF) | $26.83 |
| Vacancy Rate (%) | 11.5% |
| Net Absorption (SF) | 368,225 |
In a stark change from trends experienced in 2021, Downtown Salt Lake City experienced a resurgence at the beginning of 2022 that breathed life into a metro that has remained rather stagnant since the onset of COVID-19. The entire county overall continued to experience increased tenant activity in both suburban and Downtown locales, while a keen eye is being kept on submarkets such as Draper Tech Corridor, Fort Union and Southtowne that homes tech companies that are leaning more towards a hybrid or remote work model for employees.
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Salt Lake City Industrial Market
| Average Actual Rent (Price/SF) | $.73 |
| Vacancy Rate (%) | 2.2% |
| Net Absorption (SF) | 2,261,575 |
Conditions continue to favor landlords as rent continues to rise with numerous tenants jockeying for a dearth of available space. Many landlords are waiting to sign new leases and renewals to take advantage of strong rent growth and can afford to, given the bevy of tenants seeking space. Two of the most sought-after building types, bulk and medium distribution, experienced the largest quarter-over-quarter achieved average first-year lease rate growth. Headwinds and recessionary pressures cloud the outlook for late 2022 into 2023: 40-year high inflation, the Federal Reserve increasing interest rates to check surging inflation, the humanitarian crisis and economic effects from the Russian invasion of Ukraine and the potent effect on energy and food markets. Current market conditions and the long-term outlook are favorable. There is robust population growth from both natural increase and net migration; a young, dynamic workforce; the continued efforts of the Utah Inland Port Authority in planning and enhancing Utah’s logistics system; and Utah’s strategic location as the Crossroads of the West.
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