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2022 Q1 Utah County Industrial

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“The Utah County industrial market continues to work to mitigate the supply and demand imbalance while facing critical land constraints and low building inventory. With little to no options in the Central and North quadrants, tenant demand continues to spill into less constrained markets.” - Jaden Malan, Industrial Services

New and existing industrial product is not enough to meet demand in Utah County, with competition driving up rents at a record pace. The average industrial asking lease rate increased by $0.58 per square foot – up 31 percent year-over-year – to $0.84 per square foot currently. Where there is demand, eventually supply will follow.

Key Takeaways

·A lack of available product is driving rent growth throughout Utah County.
·Scarce land and very high construction costs are making it hard to build new product.
·Asking lease rates grew by a near-record quarterly average to $0.84 per square foot.

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2022 Q1 Utah County Industrial

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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