Megan Donnell

During the first part of 2022, the Salt Lake County office market experienced an increase in vacancy rates, sublease availability and average asking lease rates. With Utah’s strong economy, vacancy rates and sublease availability are expected to decrease throughout the year as tenants are ready to decide whether to return to the office after a two years of remote work.

Utah County continues to see positive growth throughout the office market. As rates continue to rise, tenants are starting to seek second-generation space because of their more affordable lease rates, leasing up older buildings that might have been sitting on the market for a while. As a result, vacancy rates are expected to decrease, and absorption will rise throughout the rest of the year.