Office Market
Salt Lake Office Market Data
Vacancy, asking rent, availability, and cap rates for the Salt Lake City office market, split by building class. Every figure dated and attributed.
Dated figures. Salt Lake City, UT market (per CoStar). Q2 2026, retrieved July 30, 2026.
Office vacancy is 11.4% across the market, near a record high, with 9,377,093 SF standing empty.
One figure worth publishing without a theory attached: the office cap rate is 8.7% and falling while vacancy sits at 11.4%. Those two normally move together. We would rather print it dated than guess at why.
Office by class
Salt Lake’s Office Vacancy Is Concentrated in Its Newest Buildings
Split Salt Lake office by building class and the headline number stops describing the whole market.
The newest and best buildings are 13.7% vacant. The oldest stock is 5.8%.
CoStar’s own words for this are that performance remains highly bifurcated by building quality
. A tenant leaving a building that was new in 2018 is not leaving because the building failed. It is leaving because a newer one opened, and the Class C stock was never competing for that tenant in the first place.
Over eleven years the older stock has also outgrown the newer stock on rent. Class C asking rent went from $15.62 in 2014 to $22.16 in Q2 2026, up 42%. Class A went from $25.63 to $32.64, up 27%.
| Building class | Inventory | Vacancy | Asking rent | Availability |
|---|---|---|---|---|
| Class A | 22,562,856 SF | 13.7% | $32.64 | 17.1% |
| Class B | 44,770,865 SF | 12.1% | $24.73 | 13.7% |
| Class C | 14,770,397 SF | 5.8% | $22.16 | 7.1% |
| Market | 82,104,118 SF | 11.4% | $26.44 | 13.4% |
Class A, B, and C map from CoStar’s building ratings: 4 and 5 Star, 3 Star, and 1 and 2 Star. Availability is space being marketed, which includes occupied space with a known move-out, so it runs ahead of vacancy in every row. The eleven-year rent figures are CoStar’s 2014 and current asking rents; the growth percentages are ours, computed from those two.
If you own a small older office building in this valley, the headline vacancy number is not describing your asset.
Concessions
What it costs to win a tenant
The class gap shows up twice on a deal sheet, in the improvement allowance and in the length of the term it takes to pay that allowance back.
Tenant improvement allowances run $55 to $75 per SF in legacy buildings and $100 to $110 per SF in new space, which is a large part of why a new building can take a tenant an older one was holding.
Terms of 12 to 15 years have become increasingly common, and landlord representatives are working to a 36 to 60 month payback window on the improvement dollars. A shorter term at a lower allowance is a different deal from a long term at a high one, and the two are not comparable on rent alone.
Market asking rent $26.44/SF/yr per SF per year. These concession figures are stated in CoStar’s written market commentary rather than read off an indicator table, so they carry their own ranges.
Tenants read this page from the other side. In a market split this far by building quality, the allowance and the term move more money than the rate does, and tenant representation is how we negotiate them.
Own an office building in this valley?
Send the address and you get asks and signed deals at the size of your building and in your building class, out of our own files rather than a market average.