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The Salt Lake City office market has begun to show improvement in comparision to a slow 2021 first quarter.  There has been a strong return back to the office with the nation's lowest unemployment rate, mask mandates lifted and vaccinations on the rise.

 

QUARTER:  SECOND 2021
NET ABSORPTION:  (189,399) SF
VACANCY RATE:  10.8%
AVERAGE RENTAL RATES:  $25.53/SF

 

Uncertainty regarding retail consumer confidence remains.  Although essential retailers experienced success, growth and expansions, the pandemic led to closures of other retailers that were not able to adapt to an online presence.   

 

 

QUARTER:  SECOND 2021
NET ABSORPTION:  773,085 sf
VACANCY RATE:  4.3%
AVERAGE RENTAL RATES:  $21.33/SF

 

Second quarter in 2021 brought record high net absorbtion.  Industrial remains very desirable as investors look to make an impression in the market.  With a large amount of construction underway it looks to be a historic record high year.  

 

 

QUARTER:  SECOND 2021
NET ABSORPTION:  3,900,000 SF
VACANCY RATE:  2.7%
AVERAGE RENTAL RATES:  $7.68/SF