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Utah
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VACANCY
Apartment
The average Vacancy Rate was 4.2% in the Salt Lake City metro
- Vacancy in the Salt Lake City metro drifted downward by 40 basis points.
- The Salt Lake City metro had the lowest vacancy level since Q3 2016.
- Vacancy is expected to finish 2022 at 4.6% in the Salt Lake City metro.
Distribution / Warehousing
The average Vacancy Rate was 5.2% in the Salt Lake City metro
- Vacancy in the Salt Lake City metro drifted downward by 30 basis points.
- The Salt Lake City metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 5.1% in the Salt Lake City metro.
Office
The average Vacancy Rate was 19.5% in the Salt Lake City metro
- Vacancy in the Salt Lake City metro increased by 150 basis points.
- The Salt Lake City metro had the highest vacancy level since Q2 2004.
- Vacancy is expected to finish 2022 at 19.3% in the Salt Lake City metro.
Retail
The average Vacancy Rate was 11.4% in the Salt Lake City metro
- Vacancy in the Salt Lake City metro drifted upward by 20 basis points.
- Vacancy is expected to finish 2022 at 11.4% in the Salt Lake City metro.
RENT
Apartment
The average Asking Rent was $1,274 in the Salt Lake City metro
- Rent in the Salt Lake City metro was up 4.1% from year-end 2021.
- Rent is expected to finish 2022 at $1,318 in the Salt Lake City metro.
Distribution / Warehousing
The average Asking Rent was $6.73 in the Salt Lake City metro
- Rent in the Salt Lake City metro was up 1.8% from year-end 2021.
- Rent has risen in every quarter since Q1 2017 in the Salt Lake City metro.
- Rent is expected to finish 2022 at $6.94 in the Salt Lake City metro.
Office
The average Asking Rent was $21.47 in the Salt Lake City metro
- The Salt Lake City metro had the second fastest rent growth in the nation, behind only Salt Lake City.
- Salt Lake City metro had its fastest rent rate of increase since year-end 2006.
- Rent is expected to finish 2022 at $21.46 in the Salt Lake City metro.
Retail
The average Asking Rent was $18.39 in the Salt Lake City metro
- Rent in the Salt Lake City metro was up 0.3% from year-end 2021.
- Rent is expected to finish 2022 at $18.42 in the Salt Lake City metro.