Murray Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $24.25 2024 Avg. Asking Rent
  • -0.40% Y-o-Y Avg. Asking Rent Change
  • 7.96% 2024 Office Vacancy Rate

Murray office price per square foot in 2024 was $24.25 on average. This marked a -0.40% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 7.96% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Utah Class A & A+ Office Space$28.05
  • Utah Class B Office Space$24.56
  • Utah Class C Office Space$18.40

Murray, UT Office Asking Rents by Class

2024 Office Vacancy Rates in Murray

Submarket Asking Rents Vacancy Rates
Murray $24.40 8.51%
Taylorsville $22.00 16.97%
Salt Lake City - South $21.00 16.42%
Data provided by Yardi Research
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Murray market was 7.96% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Murray was 8.51% in the Murray submarket, while the highest office vacancy in the market was 16.97%, recorded in Taylorsville.

Office Spaces for Rent in Utah

Coworking Spaces in Utah

2024 Office Construction in Murray, UT

Largest Office Properties Recently Completed in Murray
Office building Address SF Completed
428 - 436 W. 4800 S. 428 - 436 W. 4800 S., 84123 13,315 2020
Center 53 434 West Ascension Way, 84123 199,320 2017
308 East 4500 South 308 East 4500 South, 84107 29,024 2002
5121 South Murray Blvd 5121 South Murray Blvd, 84123 36,258 2001
5121 South Murray Blvd 5121 South Murray Blvd, 84123 24,000 2001
Mountain View Corporate I 756 E. Winchester St., 84107 78,169 2000
Towers II at 45th 348 E. 4500 S., 84107 47,015 1999
184 E 5900 S 184 E 5900 S, 84107 2,972 1999
Forest Creek Plaza 5882 S 900 E, 84121 8,415 1998
Independence Square - Washington & Independence Hall 151 East 5600 South, 84107 49,533 1990

Worth noting among recent office completions on the Murray market is 428 - 436 W. 4800 S., which is currently the largest new office development in the city, at 13,315 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.