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 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.