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2022 Q1 Utah County Office

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“Provo-Orem, Utah, maintains No. 1 ranking among best-performing cities, for the second year in a row. With a relatively low cost of living, low tax rate, and local talent, the area has attracted tech giants including Oracle, Adobe, Vivint Smart Home, Qualtrics, and Amazon, among other West Coast investors. Austin-Round Rock, Texas; Salt Lake City, Utah; Phoenix-Mesa-Scottsdale, Arizona; and Palm Bay-Melbourne-Titusville, Florida, round out the top five respectively.” - BusinessWire

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.

Key Takeaways

Sublease availability decreased by 9,182 square feet since last quarter.
Overall average asking lease rates increased by $0.44, to $23.27 full-service gross, year-over-year.
Utah County’s vacancy rate decreased by 0.61 basis points since last quarter.

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2022 Q1 Utah County Office

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Megan Donnell

Research Manager

Salt Lake City - Millrock

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