Salt Lake City Office Market
Average Actual Rent (Price/SF) | $26.73 |
Vacancy Rate (%) | 8.7% |
Net Absorption (SF) | -51,184 |
After a sluggish third quarter, the Salt Lake County office market
saw increased activity in the fourth quarter of 2020, bringing life to a
market that has been stale since the onset of the pandemic. A brief
uptick in unemployment in September increased trepidation for a short
time, but it continued to trend downward throughout the rest of 2020,
while always staying well below the national average.
Salt Lake City Industrial Market
Average Actual Rent (Price/SF) | $.58 |
Vacancy Rate (%) | 3.7% |
Net Absorption (SF) | 3,202,315 |
Amid a pandemic, civil unrest, a tumultuous election cycle and earthquakes, the Salt Lake County industrial market continued to beat previous benchmarks in many categories on the way to a banner 2020. Due to strong occupier demand, construction activity continues to be a central talking point. That held true in 2020, with 8.5 million square feet under construction at year’s end and 5.9 million square feet delivering to the market, both historic highs. Even with the historic high in construction square feet delivering in 2020, much of it speculative development, the direct vacancy rate remained unchanged at 3.7% from 2019 to 2020. The demand for industrial space was so strong that records were broken for both leasing activity in terms of square feet, as well as net absorption. In the case of leasing activity, the previous record was bested by an incredible 40.3%. Additionally, achieved average first-year lease rates remain strong, albeit down slightly from 2019, and owner-user sale prices per square foot grew precipitously in 2020, thanks to strong demand and lack of available product.
Download Salt Lake City Industrial Market Report 4Q20