Salt Lake City Office Market Report

Flexible leasing and a deep labor base support core office nodes. Salt Lake City’s office market is set for modest tightening in 2026, as tenants expand selectively and construction stays limited. The Silicon Slopes corridor should continue to anchor demand, led by Lehi. Here, vacancy fell under 7 percent last year amid measured tech sector growth. Autonomous Solutions Inc. using the largest space at a WeWork location shows how firms are using flex space to add capacity without long-term commitments. As U.S. immigration policy tightens, the metro’s fast-growing 20- to 34-year-old cohort, driven by natural increases and domestic migration, may further strengthen its competitive position among tech markets. Other professional services firms should also help sustain leasing, particularly in the CBD, where vacancy fell by over 100 basis points last year. Still, some secondary hubs remain challenged. Vacancy in West Valley has reached a record-high 25 percent. Construction of an $855 million hospital and health campus for the University of Utah, however, may support a deeper medical office ecosystem moving forward.