2024 Office Space Rent & Sales
- $28.18 2024 Avg. Asking Rent
- 4.89% Y-o-Y Avg. Asking Rent Change
- 27.68% 2024 Office Vacancy Rate
Salt Lake City office price per square foot in 2024 was $28.18 on average. This marked a +4.89% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.68% 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
- Salt Lake City Class A & A+ Office Space$32.44
- Salt Lake City Class B Office Space$25.21
- Salt Lake City Class C Office Space$15.67
- Utah Class A & A+ Office Space$28.05
- Utah Class B Office Space$24.56
- Utah Class C Office Space$18.40
Salt Lake City, UT Office Asking Rents by Class
Average office rent in Salt Lake City rested at $28.18 per square foot in 2024. 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 Salt Lake City averaged $32.44 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.21 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $15.67 per square foot, on average. Comparably, statewide Utah average office rents by class in 2024 were: $28.05 per square foot for class A office space; $24.56 per square foot for class B office space; $18.40 per square foot for class C office space.
2024 Office Vacancy Rates in Salt Lake City
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Salt Lake City - Southeast | $31.14 | 23.42% |
| Salt Lake City - Central Business District | $30.54 | 25.69% |
| Cottonwood Heights | $29.29 | 21.22% |
| Salt Lake City - West Central | $29.19 | 43.62% |
| Salt Lake City - North | $25.65 | 36.06% |
| Murray | $24.40 | 8.51% |
| Lehi | $24.25 | 16.49% |
| Sandy - East | $23.31 | 23.67% |
| Taylorsville | $22.00 | 16.97% |
| Salt Lake City - East Central | $21.80 | 27.58% |
| Salt Lake City - South | $21.00 | 16.42% |
| Holladay - Millcreek | $20.77 | 6.38% |
| West Valley City | $17.39 | 36.17% |
Office Spaces for Rent in Utah
Coworking Spaces in Utah
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2024 Office Construction in Salt Lake City, UT
| Office building | Address | SF | Completed |
|---|---|---|---|
| Beltway West - Building 2 | 4237 South 2700 West, 84129 | 30,842 | 2024 |
| Beltway West - Building IV | 4295 South 2700 West, 84129 | 30,850 | 2023 |
| 650 Main | 650 South Main Street, 84101 | 332,100 | 2022 |
| 95 State at City Creek | 95 South State Street, 84111 | 514,074 | 2021 |
| 60 Park | 2290 South 1300 East, 84106 | 143,374 | 2020 |
| 428 - 436 W. 4800 S. | 428 - 436 W. 4800 S., 84123 | 13,315 | 2020 |
| 5101 South Commerce Drive | 5101 South Commerce Drive, 84107 | 88,000 | 2018 |
| Center 53 | 434 West Ascension Way, 84123 | 199,320 | 2017 |
| L-3 Communications | 950 North 2200 West, 84116 | 87,657 | 2012 |
| Old Mill Campus - Old Mill Corporate Center IV | 6330 South 3000 East, 84121 | 208,296 | 2011 |
Worth noting among recent office completions on the Salt Lake City market is Beltway West - Building 2, which is currently the largest new office development in the city, at 30,842 square feet.
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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 CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Salt Lake City 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.