MARKET TRENDS
- Salt Lake City’s vacancy dipped to 7.8% in Q1 2025, down from 8.1% in Q1 2024. With construction slowing and only 199,680 square feet (sf) delivered, supply pressures are beginning to ease despite 2.7 million square feet (msf) still underway.
- Net absorption turned negative for the first time since early 2023, totaling -0.4 msf, as previously occupied space continued to return to the market. Several large transactions were recorded during the quarter, though many were renewals rather than new leasing activity.
- Average asking rents held at $0.76 per square foot (psf) in Q1 2025, a slight dip from $0.77 psf last year. The Southeast submarket led for the fifth straight quarter at $1.33 psf, as landlords stay firm on pricing while offering strategic concessions.