Salt Lake City Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $26.96 2023 Avg. Asking Rent
  • 1.06% Y-o-Y Avg. Asking Rent Change
  • 22.80% 2023 Office Vacancy Rate
  • $129.8M2023 Total Office Sales
  • $163.78Avg. Sale Price/SF

Salt Lake City office price per square foot in 2023 was $26.96 on average. This marked a +1.06% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 22.80% across all asset classes combined. The 6 transactions that closed here throughout 2023 amounted to a total sale volume of $129.8M. Salt Lake City office space commanded an average sale price per square foot of $163.78.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Salt Lake City Class A & A+ Office Space$29.52
  • Salt Lake City Class B Office Space$25.33
  • Salt Lake City Class C Office Space$17.25
  • Utah Class A & A+ Office Space$28.50
  • Utah Class B Office Space$23.99
  • Utah Class C Office Space$25.92

Salt Lake City, UT Office Asking Rents by Class

Average office rent in Salt Lake City rested at $26.96 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Salt Lake City averaged $29.52 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.33 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.25 per square foot, on average. Comparably, statewide Utah average office rents by class in 2023 were: $28.50 per square foot for class A office space; $23.99 per square foot for class B office space; $25.92 per square foot for class C office space.

2023 Office Vacancy Rates in Salt Lake City

Submarket Asking Rents Vacancy Rates
Salt Lake City - Southeast $32.16 7.54%
Cottonwood Heights $31.80 16.07%
Salt Lake City - West Central $29.39 26.00%
Lehi $29.06 9.59%
Salt Lake City - South $29.00 9.82%
Salt Lake City - Central Business District $28.91 24.72%
Salt Lake City - University $26.52 10.28%
Salt Lake City - North $25.06 38.66%
Salt Lake City - East Central $24.26 21.44%
Sandy - East $22.69 20.45%
Taylorsville $22.06 17.35%
Murray $21.87 14.35%
West Valley City $21.73 28.15%
Holladay - Millcreek $17.26 10.16%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Salt Lake City market was 22.80% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Salt Lake City was 7.54% in the Salt Lake City - Southeast submarket, while the highest office vacancy in the market was 38.66%, recorded in Salt Lake City - North.

Office Spaces for Rent in Utah

Salt Lake City Office Sale Price per SF

  • $163.782023 Avg. Price per SF
  • -41.87%Y-o-Y Avg. PpSF Change
  • $129.8M2023 Office Sales Volume
  • 62023 Number of Transactions

Salt Lake City, UT Sale Price per SF Trend

  • Salt Lake City Avg. Sale Price per SF in 2023$163.78
  • Utah Avg. Sale Price per SF in 2023$165.45
Salt Lake City office space cost in 2023 marked a -41.87% change compared to the previous year. The sale price for office space in Salt Lake City averaged $163.78 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Utah average office sale price during the same time period was $165.45 per square foot.

2023 Office Sales Volume

  • Salt Lake City, UT Total Office Sales Volume in 2023 $129.8M
  • Salt Lake City, UT Total Number of Office Sales Closed in 2023 6
A total of 6 deals closed on the Salt Lake City office market in 2023, adding up to a yearly sales volume of $129.8M. Notably, the largest transaction on the market saw 2835 South Decker Lake Drive change hands for $10,343,000 on 11/2/2023.
Data provided by Commercial Edge

Coworking Spaces in Utah

2023 Office Construction in Salt Lake City, UT

  • Salt Lake City, UT Total SF under construction in 2024 84,248
Largest Office Properties Recently Completed in Salt Lake City
Office building Address SF Completed
Beltway West - Building 2 4237 South 2700 West, 84129 30,842 2024
Beltway West - Building IV 4295 South 2700 West, 84129 30,850 2023
650 Main 650 South Main Street, 84101 332,100 2022
95 State at City Creek 95 South State Street, 84111 514,074 2021
Center 53 - Building 2 434 West Ascension Way, 84123 200,800 2021
A & Z Building 400 West 500 South, 84101 34,924 2021
60 Park 2290 South 1300 East, 84106 143,374 2020
5101 South Commerce Drive 5101 South Commerce Drive, 84107 88,000 2018
Center 53 434 West Ascension Way, 84123 199,320 2017
1132 South 500 West 1132 South 500 West, 84101 64,340 2015

Worth noting among recent office completions on the Salt Lake City market is Beltway West - Building 2, which is currently the largest new office development in the city, at 30,842 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Salt Lake City commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.