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2022 Q2 Salt Lake County Industrial

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"The big story is rent growth. Asking rates are up from $0.59 cents last year to $0.76 cents, a 29 percent increase year over year. And those rates are being achieved. With vacancy below 2%, tenants have few or no alternatives but to step up and pay higher rates.  With all the new supply being absorbed as soon as it is available, things aren't likely to change any time soon. If you're a landlord, be happy. " - Randy Atkin, Vice President, CCIM


Activity in Salt Lake County’s industrial market slightly waned from the historical rates experienced  recently, again this is due to mostly lack of available space rather than a decrease in demand. Asking lease rates continue to increase dramatically due to the gridlock. Sales asking prices and activity have not been noticeably affected by higher interest rates but we expect to see those changes in the remainder of the year.  


Key Takeaways


·Lease rates have increased considerably.
·Despite the increase of construction, the declining vacancy rate is at a historic low.
·Although the absorption rate has abated from last quarter, it was twice the square footage in absorption from mid-year 2021.


2022 Q2 Salt Lake County Industrial

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Megan Donnell

Research Manager

Salt Lake City - Millrock

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