2022 Office Space Rent & Sales
- $26.68 2022 Avg. Asking Rent
- 21.87% 2022 Office Vacancy Rate
- $63.8M2022 Total Office Sales
- $281.74Avg. Sale Price/SF
Salt Lake City office price per square foot in 2022 was $26.68 on average. The local office market recorded an average vacancy rate of 21.87% across all asset classes combined. The 4 transactions that closed here throughout 2022 amounted to a total sale volume of $63.8M. Salt Lake City office space commanded an average sale price per square foot of $281.74.
Average Rent by Office Class
2022 Average Office Rent per Square Foot
- Salt Lake City Class A & A+ Office Space$28.94
- Salt Lake City Class B Office Space$24.59
- Salt Lake City Class C Office Space$17.30
- Utah Class A & A+ Office Space$28.24
- Utah Class B Office Space$23.25
- Utah Class C Office Space$17.72
Salt Lake City, UT Office Asking Rents by Class
Average office rent in Salt Lake City rested at $26.68 per square foot in 2022. 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 $28.94 per square foot. Across all submarkets, class B office space recorded an average asking rent of $24.59 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.30 per square foot, on average. Comparably, statewide Utah average office rents by class in 2022 were: $28.24 per square foot for class A office space; $23.25 per square foot for class B office space; $17.72 per square foot for class C office space.
2022 Office Vacancy Rates in Salt Lake City
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Cottonwood Heights | $31.59 | 12.83% |
| Salt Lake City - West Central | $29.37 | 20.89% |
| Lehi | $29.07 | 9.95% |
| Salt Lake City - Central Business District | $29.03 | 22.80% |
| Salt Lake City - South | $29.00 | 17.43% |
| Salt Lake City - University | $26.52 | 11.75% |
| Salt Lake City - Southeast | $24.53 | 9.70% |
| Sandy - East | $24.33 | 18.18% |
| Salt Lake City - East Central | $24.07 | 25.98% |
| Salt Lake City - North | $23.28 | 36.86% |
| West Valley City | $22.69 | 26.87% |
| Taylorsville | $21.40 | 23.00% |
| Murray | $20.07 | 10.08% |
| Holladay - Millcreek | $17.65 | 6.56% |
Office Spaces for Rent in Utah
- Salt Lake City Office Space
- Draper Office Space
- Lehi Office Space
- Ogden Office Space
- Sandy Office Space
- Provo Office Space
- West Valley City Office Space
- South Jordan Office Space
- Orem Office Space
- Midvale Office Space
- Layton Office Space
- Bountiful Office Space
- Logan Office Space
- Pleasant Grove Office Space
- West Jordan Office Space
Coworking Spaces in Utah
- Houston Coworking Space
- Los Angeles Coworking Space
- Dallas Coworking Space
- Denver Coworking Space
- San Francisco Coworking Space
- San Diego Coworking Space
- Las Vegas Coworking Space
- Austin Coworking Space
- Phoenix Coworking Space
- San Antonio Coworking Space
- Irvine Coworking Space
- Salt Lake City Coworking Space
- Scottsdale Coworking Space
- Plano Coworking Space
- Albuquerque Coworking Space
- San Jose Coworking Space
- Fort Worth Coworking Space
- Colorado Springs Coworking Space
- Tucson Coworking Space
- Boulder Coworking Space
- Santa Monica Coworking Space
- Tempe Coworking Space
- Reno Coworking Space
- Sandy Coworking Space
- Ogden Coworking Space
- St. George Coworking Space
- Provo Coworking Space
- Glendale Coworking Space
2022 Office Construction in Salt Lake City, UT
- Salt Lake City, UT Total SF completed in 2022 830,100
- Salt Lake City, UT Total SF under construction in 2023 531,248
During 2022, 830,100 square feet of new office space were delivered across the market. At the close of 2022, the Salt Lake City office inventory included 2 buildings equal to or larger than 25,000 square feet, which comprised 830,100 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 531,248 square feet of office space to the market, before year-end.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Beltway West - Building IV | 4295 South 2700 West, 84129 | 30,850 | 2023 |
| 95 State @ City Creek | 95 South State Street, 84111 | 537,000 | 2022 |
| 95 State @ City Creek | 95 S. State St., 84111 | 515,000 | 2022 |
| 650 Main | 650 South Main Street, 84101 | 332,100 | 2022 |
| Center 53 - Building 2 | 434 West Ascension Way, 84123 | 200,800 | 2021 |
| South City - Building I | 2200 South Main Street, 84115 | 150,000 | 2021 |
| 60 Park | 2290 South 1300 East, 84106 | 143,374 | 2020 |
| Skyline Commerce Center | 1580 South 500 West, 84115 | 312,815 | 2019 |
| Center 53 | 434 West Ascension Way, 84123 | 199,320 | 2017 |
| 3702 South State Street | 3702 South State Street, 84115 | 53,276 | 2017 |
Worth noting among recent office completions on the Salt Lake City market is Beltway West - Building IV, which is currently the largest new office development in the city, at 30,850 square feet.
See reports for other markets
- Murray Office Rent Price
- Lehi Office Rent Price
- Draper Office Rent Price
- Provo Office Rent Price
- West Valley City Office Rent Price
- Sandy Office Rent Price
- Washington Office Rent Price
- Chicago Office Rent Price
- San Antonio Office Rent Price
- Charlotte Office Rent Price
- Los Angeles Office Rent Price
- Houston Office Rent Price
- Dallas Office Rent Price
- New York City Office Rent Price
- Atlanta Office Rent Price
- Phoenix Office Rent Price
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 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. 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.