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Market Report

Salt Lake City Office Market Report

4Q 2023

Residential Popularity Aids Office Usage in Northern Suburbs;
Some CBD Stabilization Realized

Davis-Weber Counties continues to impress. Among Salt Lake City submarkets with at least 2 million square feet of stock, the Davis-Weber Counties area held the tightest office vacancy rate at 7.8 percent in June — nearly 600 basis points below the marketwide rate and 80 basis points under its 2019 measure. This notable improvement coincides with substantial residential popularity here. Between the end of 2019 and midyear 2023, the number of local occupied apartment units grew by more than 13.5 percent. Companies expanding and relocating operations here benefit from proximity to this increasing apartment renter base and a lower average asking office rent than the Downtown and marketwide averages.
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