2023 Office Space Rent & Sales
- $21.68 2023 Avg. Asking Rent
- 14.42% 2023 Office Vacancy Rate
Murray office price per square foot in 2023 was $21.68 on average. The local office market recorded an average vacancy rate of 14.42% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Murray Class A & A+ Office Space$29.93
- Murray Class B Office Space$21.06
- Murray Class C Office Space$14.46
- Utah Class A & A+ Office Space$28.50
- Utah Class B Office Space$23.99
- Utah Class C Office Space$25.92
Murray, UT Office Asking Rents by Class
Average office rent in Murray rested at $21.68 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Murray averaged $29.93 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.06 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.46 per square foot, on average. Comparably, statewide Utah average office rents by class in 2023 were: $28.50 per square foot for class A office space; $23.99 per square foot for class B office space; $25.92 per square foot for class C office space.
2023 Office Vacancy Rates in Murray
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Salt Lake City - South | $29.00 | 9.82% |
Taylorsville | $22.06 | 17.35% |
Murray | $21.87 | 14.35% |
Coworking Spaces in Utah
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2023 Office Construction in Murray, UT
Office building | Address | SF | Completed |
---|---|---|---|
Center 53 - Building 2 | 434 West Ascension Way, 84123 | 200,800 | 2021 |
Center 53 | 434 West Ascension Way, 84123 | 199,320 | 2017 |
Mountain View Corporate I | 756 E. Winchester St., 84107 | 78,169 | 2000 |
Towers II at 45th | 348 E. 4500 S., 84107 | 47,015 | 1999 |
Forest Creek Plaza | 5882 S 900 E, 84121 | 8,415 | 1998 |
Stunning Office Condo | 5882 S 900 E suites 101 & 103, 84123 | 2,568 | 1998 |
Sports Park Plaza | 5353 South 960 East, 84117 | 37,926 | 1997 |
Williamsburg | 5818 South 900 East, 84121 | 1,950 | 1997 |
Forest Creek | Suites 201-205 | For Sale | 5882 S 900 E, 84121 | 4,201 | 1995 |
Independence Square - Washington & Independence Hall | 151 East 5600 South, 84107 | 49,533 | 1990 |
Worth noting among recent office completions on the Murray market is Center 53 - Building 2, which is currently the largest new office development in the city, at 200,800 square feet.
See reports for other markets
- Salt Lake City Office Rent Price
- Lehi Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Murray commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.