Greater Salt Lake Office Market
Occupancy contracted by 11,072 SF across the Wasatch Front with the biggest losses occurring in Salt Lake County with Utah County having the highest gains.
Just over 100,000 SF of new office space delivered this quarter. A cautious, targeted development approach has mitigated risks of overbuilding. The impact of hybrid work persists. While pre-pandemic trends saw 191 SF of office space added per new office-using job, that figure has declined to 59 SF per job post-COVID, reflecting tenants’ ongoing shift toward reduced space requirements per employee.
Greater Salt Lake Industrial Market
Demand for specialized and small-bay spaces remains high, commanding rental premiums amid tight supply. All Wasatch Front counties experienced modest rental growth in the first half of 2025. Inflationary pressures and 4% annual rent escalations are driving cost-conscious occupiers toward Class B and C assets. Overall leasing activity is stronger in 2025 than in 2024 but leasing velocity has slowed just slightly (2.4% QOQ) as users await to see the impact of tariffs. Many tenants opted to remain in place rather than take on higher relocation costs.