Salt Lake City Office Market
| Average Actual Rent (Price/SF) | $26.97 |
| Vacancy Rate (%) | 11.0% |
| Net Absorption (SF) | 536,623 |
Office occupancy through Salt Lake County increased by 536,623 square feet quarter-over-quarter and is up over 900,000 square feet for the first half of 2022. Deliveries in Downtown Salt Lake City, Research Park and Central Valley heavily contributed to increased occupancy in those submarkets as build-to-suit projects such as Zions Bank’s new headquarters in Midvale and Myriad Genetics’s project in Research Park complete. Direct vacancy decreased by 40 basis points quarter-over-quarter; however, overall total availability increased by 40 basis points as landlords and users put occupied space out to market, either in anticipation of upcoming lease expirations to avoid larger blocks of space sitting empty for long periods of time or as subleases from users not fully utilizing footprints and looking to offset some costs at the same time.
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Salt Lake City Industrial Market
| Average Actual Rent (Price/SF) | $.75 |
| Vacancy Rate (%) | 1.9% |
| Net Absorption (SF) | 914,020 |
The industrial market continues to display dynamic fundamentals amid impending economic uncertainty. Strong rent growth, net absorption and tenant demand, combined with low vacancy and a sizable construction pipeline, characterize an enduringly robust market cycle. Construction delivery delays due to supply chain snarls, labor force shortages, entitlement delays and rising costs are creating a backlog for a supply-anemic market. Along the Wasatch Front, construction deliveries are taking 34.0% longer in 2022 compared to 2019. These delays kept net absorption at a lower level for the second quarter of 2022 relative to recent quarters but portends a strong finish to the year for this metric.
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