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2022 Q1 Salt Lake County Office

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“The U.S. job market continued to grow strongly in March, with 431,000 jobs added in the month. This represents the 11th month in a row that more than 400,000 jobs have been added, which is the strongest employment growth since 1939. The unemployment rate also continued to drop in March and is now back down to 3.6 percent. And the labor force participation rate is back up to 62.4 percent, as workers continue to reenter the market. However, the strong demand for workers is driving wage growth higher, with wages increasing 5.6 percent over the last year.” - Zions Bank

 

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.

 

Key Takeaways

 

Vacancy increased by 0.91 basis points since last quarter.
Over 375,000 square feet of sublease space was brought to the market this quarter.
Overall average asking lease rates increased by $1.74 from the first quarter of 2021 now.

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2022 Q1 Salt Lake County Office

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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