Market Data
Salt Lake Office, Retail, and Industrial Market Data
Vacancy, absorption, asking rents, and cap rates for all three asset classes side by side, plus what our own leasing record says about deal sizes. Every figure dated and attributed.
Industrial is larger than office and retail combined, and it holds the most empty space. Retail is the tightest. Office vacancy is near a record high.
Dated figures. Salt Lake City, UT market (per CoStar). Q2 2026, retrieved July 30, 2026.
Industrial is 202.8M SF against 82.1M of office and 70.7M of retail, so it is 57% of the three put together. Vacancy runs 8.1% industrial, 11.4% office, and 3.4% retail, which is a spread of eight points across one valley in one quarter.
Those three markets are not moving together and they are not priced off each other, so the figures below are the comparison and the two pages linked underneath carry the reads that only matter if you own that asset class.
By asset class
Three markets, answered separately
Office
11.4% vacant and near a record, but the number describes the newest buildings and not much else. Class split, concessions, and lease terms.
Office market dataRetail
3.4% vacant, the tightest of the three. Subtype split, the give-back in context, and how the rent compares against office.
Retail market dataIndustrial
8.1% vacant and the largest asset class in the valley. It is a full column of the comparison below, and the market report is on saltlakewarehouses.com.
Full report on saltlakewarehouses.comAbsorption
Industrial took 1.5M SF, office took a little, retail gave a little back
Net absorption is the change in occupied space over twelve months. Above zero a market filled up; below zero space came back to market.
| Market | Net absorption, SF, trailing 12 months | Share of that market's inventory |
|---|---|---|
| Office | +243,000 SF | +0.30% of 82.1M SF |
| Retail | -43,500 SF | -0.06% of 70.7M SF |
| Industrial | +1.5M SF | +0.74% of 202.8M SF |
Vacancy
Retail is a third of office, and industrial sits between them
11.4%
Office vacancy
Down over the period.9,377,093 SF standing empty
3.4%
Retail vacancy
Up over the period.2,431,858 SF standing empty
8.1%
Industrial vacancy
Up over the period.16,527,484 SF standing empty
Every figure
Office, retail, and industrial, side by side
Office, retail, and industrial, same seven metrics.
| Metric | Office | Retail | Industrial |
|---|---|---|---|
| Inventory | 82.1M SF up over the period | 70.7M SF up over the period | 202.8M SF up over the period |
| Under construction | 80,000 SF down over the period | 867,010 SF up over the period | 3,176,466 SF up over the period |
| Net absorption, 12 months | +243,000 SF | -43,500 SF | +1.5M SF |
| Vacancy | 11.4% down over the period | 3.4% up over the period | 8.1% up over the period |
| Vacant | 9,377,093 SF | 2,431,858 SF | 16,527,484 SF |
| Market asking rent | $26.44/SF/yr up over the period | $26.05/SF/yr down over the period | $11.09/SF/yr up over the period |
| Market sale price | $189/SF up over the period | $228/SF up over the period | $159/SF up over the period |
| Market cap rate | 8.7% down over the period | 7.2% up over the period | 7.6% up over the period |
Aggregate market analytics, published with attribution.
Industrial is the largest asset class in the valley at 202.8M SF, more than office and retail combined, running 8.1% vacant. The vacancy figure is a big box figure, and it reads differently on a 20,000 SF building than on a 500,000 SF one.
Full industrial market report, by submarket and by size band, at Salt Lake Warehouses.
Use mix
What we actually lease
The three shares are drawn from 260 closed leases, which is the same total the deal size figures below come from. Underneath the two grouped labels the record reads Industrial 87, Office 71, Flex 59, Retail 42, Medical 1.
Deal size
The range matters more than the average
Averages in this market are dragged upward by a handful of large deals, so both figures are published together.
4,200 SF
Average lease
2,090 SF
Median lease
11,400 SF
Average sale
6,587 SF
Median sale
Leases run from 80 SF to 195,251 SF and sales from 630 SF to 118,818 SF. Half our leases are under 2,090 SF. If you own a multi-tenant building with small suites, that is the band we spend most of our week in.
Updates
How current these figures are
Current-quarter office, retail, and industrial figures for the Salt Lake City market, on the same seven metrics. Attributed per CoStar, dated July 30, 2026, and refreshed quarterly. The lease mix above is our own closed record.
A tenant reads these same figures for the opposite reason, to decide what to pay and what to ask for beyond the rate. Tenant representation is how we work that side.
Figures above are the firm's own closed record. Aggregate market analytics, when published here, are attributed per CoStar. Individual comps come from our own transaction record, never from a third-party comp database.
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