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The Salt Lake City Office market ended the second quarter 2017 with a vacancy rate of 6.2%. The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 304,879 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 615,548 square feet. Rental rates ended the second quarter at $20.42, an increase over the previous quarter. A total of six buildings delivered to the market in the quarter totaling 323,272 square feet, with 2,164,950 square feet still under construction at the end of the quarter.
QUARTER:  SECOND 2017
NET ABSORPTION:  304,879 SF
VACANCY RATE:  6.2%
AVERAGE RENTAL RATES:  $20.42/SF

The Salt Lake City retail market did not experience much change in market conditions in the second quarter 2017.  The vacancy rate went from 4.2% in the previous quarter to 4.4% in the current quarter. Net absorption was negative(110,348) square feet, and vacant sublease space increased by 235,268 square feet. Quoted rental rates increased from first quarter 2017 levels, ending at $15.10 per square foot per year.  A total of 6 retail buildings with 204,334 square feet of retail space were delivered to the market in the quarter, with 550,116 square feet still under construction at the end of the quarter.

 

QUARTER:  SECOND 2017
NET ABSORPTION:  (110,348) sf
VACANCY RATE:  4.4%
AVERAGE RENTAL RATES:  $15.10/SF

The Salt Lake City Industrial market ended the second quarter 2017 with a vacancy rate of 3.5%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,821,860 square feet in the second quarter. Vacant sublease space decreased in the quarter, ending the quarter at 185,744 square feet. Rental rates ended the second quarter at $5.54, an increase over the previous quarter.  A total of seven buildings delivered to the market in the quarter totaling 223,456 square feet, with 4,093,695 square feet still under construction at the end of the quarter.

 

QUARTER:  second 2017
NET ABSORPTION:  1,821,860 SF
VACANCY RATE:  3.5%
AVERAGE RENTAL RATES:  $5.54/SF