• The Salt Lake City-Provo office market absorbed 196,654 sq. ft. on net in Q1 2020, which was predominantly attributed to activity in the Sandy South Towne, Central Valley East, and Sugarhouse submarkets.
  • The abundance of incoming supply (over 3.0 million sq. ft) with substantial preleasing reaffirms that there is still strong confidence in the Salt Lake-Provo marketplace. Tech and financial services firms are the driving forces.
  • Vacancy increased by 90 bps quarter-over quarter as a result of upward pressure from new development and increased sublease availability.
  • Asking rates have held steady quarter-over-quarter, matching $23.82 per sq. ft. FSG from Q4 2019.