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2022 Q2 Utah County Office

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“We are beginning to see major companies in our market require multiple days in the office for all employees. This trend is being seen nationally as well as tech giants such as Apple, Google, Amazon, Tesla, Microsoft and others have all made in office work mandatory 3-4 days per week. We are seeing leaders look to upgrade their spaces and in many cases rethink the model to make the return to the office exciting, safe, productive, and collaborative.” - Josh Smith, Executive Vice President

 

Utah County continues to grow, and vacancy rates significantly decrease. Despite the continued rise in lease rates, absorption stays at a healthy, positive number. These trends are projected to continue through the rest of 2022 as more tenants return to a physical workspace.

 

Key Takeaways

 

·Tenants elect to blend and extend current leases over subletting unused or excess space.
·Sublease availability decreased year-over-year.
·As construction costs continue to increase, new office building construction projects are being delayed.

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2022 Q2 Utah County Office

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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