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2022 Q2 Utah County Industrial

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utindustrial

“The Industrial sector in Utah County continues its near decade long trend of declining and below average vacancy rates with steady to increasing sale and lease prices. While there are several industrial parks in the planning and entitlement stages with additional projects now under construction, it’s not expected supply will outpace demand. Tenants are eager and thankful to have additional options to consider, which will create stronger absorption rates as we move into the 2nd half of the year.” - Jarrod Hunt, Executive VP

 

Despite 648,036 square feet of completed product activated this quarter, active construction of 3.7 million square feet this quarter, demand for industrial space in Utah County still outpaces supply as indicated by extremely low vacancy, rising lease rates, a steady stream of under construction properties, and high year-to-date absorption reaching close to two million square feet.

 

Key Takeaways

 

·Vacancy remains very low at a challenging 1.23 percent
·Developers and potential landlords look towards the South market for available land.
·Lease rates saw a significant increase of $0.22 NNN (Triple Net) from mid-year 2021 to $0.79 currently.

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2022 Q2 Utah County Industrial

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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