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The Salt Lake City Office market ended the first quarter 2018 with a vacancy rate of 7.9%. The vacancy rate was up over the previous quarter, with net absorption totaling negative 322,610 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 518,368 square feet. Rental rates ended the first quarter at $20.85, an increase over the previous quarter. A total of eight buildings delivered to the market in the quarter totaling 286,162 square feet, with 2,145,442 square feet still under construction at the end of the quarter.          

QUARTER:  FIRST 2018
NET ABSORPTION:  (322,610) SF
VACANCY RATE:  7.9%
AVERAGE RENTAL RATES:  $20.85/SF

 

The Salt Lake City retail market experienced a slight decline in market conditions in the first quarter 2018. The vacancy rate went from 4.6% in the previous quarter to 5.1% in the current quarter. Net absorption was negative 526,784 square feet, and vacant sublease space increased by 267,866 square feet. Quoted rental rates decreased from fourth quarter 2017 levels, ending at $15.27 per square foot per year. A total of 8 retail buildings with 179,723 square feet of retail space were delivered to the market in the quarter, with 907,536 square feet still under construction at the end of the quarter.    

QUARTER:  FIRST 2018
NET ABSORPTION:  (526,784) sf
VACANCY RATE:  5.1%
AVERAGE RENTAL RATES:  $15.27/SF

The Salt Lake City Industrial market ended the first quarter 2018 with a vacancy rate of 3.7%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 668,718 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 616,170 square feet. Rental rates ended the first quarter at $6.28, an increase over the previous quarter. A total of 15 buildings delivered to the market in the quarter totaling 1,062,440 square feet, with 4,123,718 square feet still under construction at the end of the quarter.         

QUARTER:  FIRST 2018
NET ABSORPTION:  668,718 SF
VACANCY RATE:  3.7%
AVERAGE RENTAL RATES:  $6.28/SF