Salt Lake City, UT Office Overview
The Salt Lake City Metropolitan Area includes the Glendale, Millcreek, and Sugar House submarkets. With a population of nearly 1.2 million, the city has transformed itself from a religious center to one of the primary transportation and banking hubs in the Western U.S.
As of mid-2017, the market encompasses over 21 million square feet of existing office space in properties larger than 50,000 square feet. As the state capital and Utah’s most-populous city, office space sees robust demand from a variety of sectors, including government, education, and technology.
Salt Lake City, UT Office Inventory Description
Known as the 'Crossroads of the West' for its excellent access to rail transport, interstate, and air service, Salt Lake City's strong business base includes many transportation and logistics companies. With an annual gross metropolitan product of nearly $75 billion, the demand for employment continues to be strong. Just over 40% of the office space in Salt Lake City is Class A, while Class B accounts for almost 60%.
Downtown Salt Lake City sees a strong demand for office space. Located east of I-15 along University Boulevard, this area is home to prominent buildings such as Wells Fargo Center, 222 South Main Street, and One Utah Center.
Salt Lake City, UT Commercial Inventory Breakdown
Office Spaces
Total: 30,326,528 SF
By square footage range:
- 50k to 100k SF: 8,238,947 SF / 27.17% of total office
- 100k to 500k SF: 20,694,923 SF / 68.24% of total office
- 500k to 1M SF: 1,392,658 SF / 4.59% of total office
By class:
- Class A: 13,719,891 SF / 45.24% of total office
- Class B: 14,368,024 SF / 47.38% of total office
- Class C: 537,613 SF / 1.77% of total office
Top 10 Largest Office Buildings
in Salt Lake City
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Wells Fargo Center | 299 South Main Street, 84111 | 592,658 | 1997 |
| O.C. Tanner World Headquarters | 1930 South State Street, 84115 | 452,139 | 1995 |
| 111 Main | 111 South Main Street, 84111 | 442,000 | 2016 |
| World Trade Center | 60 East South Temple, 84111 | 435,982 | 1986 |
| 222 South Main Street | 222 South Main Street, 84101 | 435,657 | 2009 |
| University of Utah Research Park - ARUP Corporate Campus | 546 Chipeta Way, 84108 | 419,000 | 1997 |
| Center 53 - Phase III - Buildings 3 & 4 | 434 West Ascension Way, 84123 | 400,000 | n/a |
| 4315 South 2700 West | 4315 South 2700 West, 84119 | 395,787 | 1982 |
| 5 Triad Center | 55 North 300 West, 84101 | 360,356 | 1983 |
| Key Bank Building | 36 South State Street, 84111 | 338,428 | 1975 |
Most Recently-Built Office Buildings
in Salt Lake City
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Sugar House Health Center | 1280 East Stringham Avenue, 84106 | 174,000 | 2019 |
| 5101 South Commerce Drive | 5101 South Commerce Drive, 84107 | 88,000 | 2018 |
| University of Utah Research Park - Huntsman Cancer Institute South | 2000 Circle of Hope Drive, 84103 | 230,000 | 2017 |
| Center 53 | 434 West Ascension Way, 84123 | 199,320 | 2017 |
| 111 Main | 111 South Main Street, 84111 | 442,000 | 2016 |
| Six69 Building | 669 South West Temple, 84101 | 130,000 | 2016 |
| Cornerstone II | 2800 East Cottonwood Pkwy, 84121 | 107,227 | 2016 |
| Gateway, The - 35 North Rio Grande Street | 35 North Rio Grande Street, 84101 | 83,522 | 2016 |
| Centrepointe Business Park – Building C | 1891 West 2100 South, 84119 | 64,990 | 2016 |
| University of Utah Research Park - Ray & Ty Noorda Oral Health Sciences Building | 530 Wakara Way, 84108 | 85,000 | 2015 |
Salt Lake City, UT Green Office Space
One of the best examples of a green building is the 111 Main office building. Located downtown, this 442,000-square-foot Class A property was constructed in 2016 and is LEED-Certified Gold.
Every year, the National Green Building Adoption Index is published. The 2017 edition surveyed the top 30 office markets in the U.S. that are certified as green and energy-efficient by USGBC LEED or the EPA Energy Star rating system. Since 2005, the percentage of green office property has increased from below 5% to 38% at mid-year 2017.
While Salt Lake City isn't in the top 30 ranking, with 31 LEED-Certified projects, developers are meeting the demands from both tenants and investors for energy-efficient green office space.
Salt Lake City, UT's Top Office-Using Sectors
Salt Lake City is home to a variety of businesses and industries. Among the top are financial services, high tech, education, religion, and large corporate offices.
- Financial Services – UBS, Merrill Lynch, Morgan Stanley, Fidelity Investments, and Berkshire Hathaway.
- High Technology – eBay, Unisys, Siebel, Iomega, Tesla, and 3M.
- Education & Religion – The Church of Jesus Christ of Latter-day Saints and the University of Utah.
- Corporate Offices – Huntsman Corporation, Zions Bancorporation, Questar Corporation, and AlphaGraphics.
Salt Lake City Demographics
Population
- Total Population194,188
- Male Population(51.5 %) 100,038
- Female Population(48.5 %) 94,150
- Median Age31.90
Income/Financial
- Average Household Income$79,834
- Median Household Income$54,009
- Median Income Under 25$29,080
- Median Income 25-44$59,779
- Median Income 45-64$63,934
- Median Income Over 65$42,068
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