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2022 Q2 Salt Lake County Office

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“In a market with record low unemployment, the way companies will be able to recruit – to a large degree – will be through leveraging their workspace as a unique environment where people can thrive. Workspaces that are fully amenitized will prevail over those workspaces and office spaces that lack amenities. There will be a flight to quality like never before.” - Brandon Fugal, Chairman

 

 

Although market activity has not yet reached pre-pandemic levels, the Salt Lake County market remains optimistic as absorption and lease rates increase and vacancy decreases quarter-over-quarter. Larger companies that went completely remote are now looking to return to the office, thus increasing market activity in certain locations.

 

 

Key Takeaways

 

·Construction costs have increased 40-50 percent in the last 60-90 days.
·Sublease availability continues to rise – 196,686 SF has been added since last quarter.
·Flight to quality continues trending – tenants are more attracted to high-end amenities. 

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2022 Q2 Salt Lake County Office

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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