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Market Report

Salt Lake City Office Market Report

2024 Investment Forecast

Salt Lake City Office Trends Stand Out Among Western Metros,
Supporting Investor Confidence

Employment dynamics contribute to improving tenant demand. Since 2019, sizable gains within Salt Lake City’s financial, business and professional services sectors have bolstered the metro’s traditionally office-using workforce. Among major western U.S. markets, only Las Vegas has noted a faster growing headcount relative to its pre-pandemic measure. This pattern continues in 2024 and may prompt improved office space demand, if companies transition more staff away from remote schedules. The Central Valley and Central Valley East areas have begun to register this momentum within their respective Class B/C segments, as the former area recorded notable vacancy compression and rent growth last year; the latter sector retained tight conditions and higher asking rates. Demand for Class A stock is also mounting across Davis-Weber Counties, headlined by England Logistics’ corporate move-in this year. Collectively, these trends support further temperance of overall vacancy expansion, allowing Salt Lake City to retain the third-lowest office vacancy rate among major western U.S. metros in 2024.
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