2020 Office Space Rent & Sales
- $19.85 2020 Avg. Asking Rent
- -1.05% Y-o-Y Avg. Asking Rent Change
- 39.22% 2020 Office Vacancy Rate
Orem office price per square foot in 2020 was $19.85 on average. This marked a -1.05% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 39.22% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Orem Class A Office Space$22.58
- Orem Class B Office Space$19.77
- Orem Class C Office Space$13.56
- Utah Class A Office Space$26.67
- Utah Class B Office Space$21.54
- Utah Class C Office Space$15.37
Orem, UT Office Asking Rents by Class
Average office rent in Orem rested at $19.85 per square foot in 2020. 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 Orem averaged $22.58 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $13.56 per square foot, on average. Comparably, statewide Utah average office rents by class in 2020 were: $26.67 per square foot for class A office space; $21.54 per square foot for class B office space; $15.37 per square foot for class C office space.
2020 Office Construction in Orem, UT
- Orem, UT Total Sqft completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Orem office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
|Security Metrics Headquarters||1275 West 1600 North, 84057||94,500||2011|
|Central Utah Water Orem Headquarters||1426 East 750 North Street, 84097||92,042||2007|
|730 North 1500 West||730 North 1500 West, 84057||48,736||2007|
|West-Tek Office Building||1411 West 1250 South, 84058||41,434||2007|
|Pinehurst Office Park||562 West 800 North, 84057||108,000||2004|
|Central Utah Water Conservancy Office||355 West University Pkwy, 84058||28,000||2004|
|Center Street Professional Plaza||348 West Center Street, 84057||56,137||2001|
|1145-1175 South 800 East||1145 South 800 East, 84097||35,882||2001|
|Timpanogos Medical Office Building||700 West 800 North, 84057||76,979||1998|
|1280 South 800 East||1280 South 800 East, 84097||31,523||1996|
Worth noting among recent office completions on the Orem market is Security Metrics Headquarters, which is currently the largest new office development in the city, at 94,500 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Orem 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.