The Salt Lake City Commercial Real Estate Market

Salt Lake City sits at the center of one of the most dynamic real estate regions in the Mountain West. Its commercial market continues to evolve, shaped by strong population growth, an expanding tech presence, and steady demand across sectors. 

Crexi plays a key role in helping buyers, tenants, and brokers navigate this thriving market. Each day, thousands of users search for Salt Lake City properties that match their criteria, while brokers rely on Crexi’s digital marketing and transaction tools to manage deals more efficiently. To date, Crexi has supported more than $615 billion in closed property transactions and helped market over $7 trillion in commercial assets nationwide.

We’re proud to support Salt Lake City, along with nearby markets such as Provo and Ogden, as the region’s fastest-growing online CRE platform and marketplace.

Salt Lake City Commercial Real Estate Overview

Salt Lake City has grown into one of the West’s most steady and appealing markets, shaped by consistent in-migration, expanding job opportunities, and a lifestyle that blends outdoor access with a growing urban core. Its location along major transportation routes and its backdrop of the Wasatch Mountains gives the city a mix of beauty and practicality that continues to draw both people and businesses.

The local economy supports that momentum. Technology companies, healthcare providers, financial services firms, and logistics operators all contribute to a diverse job base. That variety keeps the workforce strong, helped by nearby universities and training programs that attract and develop talent. As more employers choose Salt Lake City for new offices, operations, or distribution centers, demand for commercial space naturally follows.

Salt Lake City’s infrastructure has also kept pace with growth. The airport’s recent expansion, ongoing transit upgrades, and long-term planning efforts have strengthened mobility across the metro and made it easier for companies to grow. These investments give property owners and developers confidence that the region can support future projects.

Even with national uncertainty, the commercial real estate market in Salt Lake City shows durability. Businesses continue to expand, developers see room for new construction, and the city’s quality of life keeps fueling population growth. Together, these factors create an environment where commercial projects can take shape and hold long-term value.

Salt Lake City Regional Context

Salt Lake City continues to draw new residents, thanks to a strong economy and excellent quality of life. People are moving in for well-paying roles in tech, healthcare, and finance, as well as the chance to live in a region with a strong economy and a relatively low cost of living. The metro has a young, educated population and a steady flow of newcomers who add to its energy and talent pool. As the region expands, Salt Lake City stands out as a place where opportunity and lifestyle align, making it an appealing choice for both residents and businesses.

• Nearly 1.2 million people live in the Salt Lake City metropolitan area, with close to 210,000 residents within city limits. 
• Salt Lake City has led the state in population growth since 2020, seeing a more than 2% increase between 2023 and 2024 alone.
• The median age in Salt Lake City is 33.2, which is just slightly higher than the overall figure for Utah.
• Median household income is $72,951, while per capita income is $49,110 - with more than 35% of residents making $100,000 per year or more.
• More than 52% of Salt Lake City residents hold a Bachelor’s degree or higher, a figure that is about 1.4 times the overall rate in Utah.
• Utah was ranked #1 in the 2025 Best States rankings from the U.S. News & World Report, earning excellent scores for fiscal stability, economy, infrastructure, and education.  
• Although the cost of living in Salt Lake City is about 8% higher than the national average, it is more affordable than comparable cities such as Scottsdale, AZ and Denver, CO.

Salt Lake City Job Market

Salt Lake City’s job market has become one of its strongest draws, powered by a mix of steady growth, entrepreneurial energy, and a business climate that makes it easy for companies to take root. The region has earned national recognition for its economic performance, thanks in part to its deep bench of talent in life sciences, healthcare, finance, and advanced manufacturing. Large institutions anchor the workforce, while tech firms, logistics operators, and creative industries continue to expand around them. 

• The total GDP of the Salt Lake City metropolitan area climbed to $147.5 billion in 2024, nearly doubling over the past decade.
• The unemployment rate is 3.8% as of August 2025, significantly lower than the national average.
• Target industries in Salt Lake City include life sciences, healthcare, finance, logistics, manufacturing, distribution, and gaming.
• The largest employers in Salt Lake County include the University of Utah, Intermountain Medical Center, the State of Utah, and the Granite and Jordan School Districts.
• Salt Lake City was counted among the top three best-performing large cities in the U.S. in the Milken Institute's 2025 Best-Performing Cities Index, which considers key factors such as job and wage growth.
• Arizona State University’s Center for the Study of Economic Liberty named Salt Lake City as #1 in their Ease of Doing Business report, citing business-friendly policies and regulations.
• The largest universities in Salt Lake City by degrees awarded are Western Governors University, University of Utah, and Salt Lake City Community College.
• The city’s transportation infrastructure features the Salt Lake City International Airport (SLC), recently ranked the top airport in the U.S and serving more than 28 million passengers in 2024. It also includes an extensive metro system with TRAX light rail and FrontRunner commuter rail, and a road network that includes major highways such as Interstate 15 and Interstate 80.

Salt Lake City Industrial Market

The industrial market in Salt Lake City continues to hold steady, shaped by the region’s role as a major distribution and logistics hub for the Mountain West. Demand from manufacturers, logistics operators, and construction-related users remains active, even as new space delivers and pushes short-term vacancy higher. Construction has slowed compared to earlier expansion years, but the pipeline is still adding fresh options to key submarkets. Altogether, the market reflects a city that continues to attract industrial users who value its workforce, transportation infrastructure, and central position in the region’s supply chain.

Market overview (Cushman & Wakefield Q3 2025)

• Inventory: 164,776,051 SF
• Vacancy rate: 7.1%
• Absorption: 393,206 SF (YTD)
• Key leases by tenant: Exel, Inc. (334,647 SF), Hydroblok, Inc. (225,120 SF), USPS (150,300 SF)
• Under construction: 748,337 SF 
• Completions: 3,311,009 SF (YTD)
• Largest submarkets: North West, Central West, South West

Crexi Insights

These are the most recent Salt Lake City industrial lease and sales trends from Crexi Insights (as of December 2025):

For Lease (active)

• Asking rate/SqFt (median): $13 per year
• Median SqFt/listing: 6,753 SF
• Days on market: 217
• Total listings on Crexi: 310 spaces

For Sale (active)

• Median asking price: $2.9 million
• Price/SqFt: $277
• Asking cap rate: 0%
• Days on market: 187
• Total listings on Crexi: 28 listings for a total of 480,900 SF

Sales Comps (past 12 months)

• Median sold price: $3 million 
• Sold price/SqFt: $199
• Total sales volume: $31.6 billion
• Median SqFt sold/transaction: 13,600 SF
• Days on market (median): 161

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Salt Lake City Office Market

Office demand in Salt Lake City continues to shift as companies rethink how much space they need and where they want to be. While vacancy remains elevated, activity is still moving in the market, especially for high-quality buildings and well-located suburban options. Many tenants are using this moment to upgrade their space or take advantage of flexible, move-in-ready suites. At the same time, conversions and limited new construction are gradually reshaping the available inventory. 

Market overview (Cushman & Wakefield Q3 2025)

• Inventory: 51,736,070 SF
• Vacancy rate: 24.1%
• Absorption: 344,413 SF (YTD)
• Key leases by tenant: GSA - General Services Administration (61,329 SF), MX Technologies, Inc. (54,954 SF), Social Finance, Inc. (46,425 SF) 
• Leasing Activity: 2,953,039 SF (YTD)
• Under construction: 180,000 SF
• Largest submarkets: Utah County North, CBD, South East

Crexi Insights

Crexi Insights provides real-time data for the Salt Lake City office market. Here are the latest leasing and sales trends as of December 2025:

For Lease (active)

• Asking rate/SqFt (median): $24 per year
• Median SqFt/listing: 2,936 SF
• Days on market: 316
• Total listings on Crexi: 546 spaces

For Sale (active)

• Median asking price: $2.5 million
• Price/SqFt: $331 
• Days on market: 168
• Total listings on Crexi: 35 listings totaling 369,400 SF

Sales Comps (past 12 months)

• Median sold price: $2.8 million
• Sold price/SqFt: $469
• Total sales volume: $108.4 million
• Median SqFt sold/transaction: 6,807
• Total SqFt sold: 283,100
• Days on market (median): 191

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Salt Lake City Retail Market

Salt Lake City’s retail sector continues to perform well, fueled by steady population growth and strong consumer spending across the region. National brands and local businesses alike are still competing for well-located space, even as new construction remains limited. With vacancy rates staying low, retailers are moving quickly when quality storefronts become available, especially in established shopping corridors and high-traffic suburban nodes. Overall, the market remains active and competitive, offering a stable environment for tenants and landlords despite broader economic uncertainty.

Market overview (Colliers Q3 2025 Salt Lake County Retail)

• Inventory: 42,472,806 SF
• Vacancy rate: 2.66%
• Absorption: 165,429 SF (YTD)
• Under construction: 382,130 SF 
• Key leases by tenant: Ross Dress for Less (23,048 SF), Transamerican Auto Parts (15,776 SF), Ulta Salon (7,995 SF)
• Largest submarkets: Central East, Central West, South East

Crexi Insights

Salt Lake City retail lease and sales trends from Crexi Insights (as of December 2025):

For Lease (active)

• Asking rate/SqFt (median): $25 per year
• Median SqFt/listing: 2,477 SF
• Days on market: 250
• Total listings on Crexi: 245 spaces

For Sale (active)

• Median asking price: $2.5 million
• Price/SqFt: $363
• Asking cap rate: 5.5%
• Days on market: 157
• Total listings on Crexi: 38 listings for a total of 395,000 SF

Sales Comps (past 12 months)

• Median sold price: $1.9 million
• Sold price/SqFt: $228
• Total sales volume: $63.8 million
• Median SqFt sold/transaction: 7,323 SF
• Days on market (median): 207

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Salt Lake City Multifamily Market

The SLC multifamily market is adjusting after several years of rapid construction and strong in-migration. Demand is still steady, but the pace of new leasing has cooled as renters take more time to choose between a wider range of options. At the same time, new development has slowed, which is helping the market gradually work through recent supply. While rent growth has softened, the region’s long-term fundamentals point to an optimistic future.

Market overview (CBRE Salt Lake City Multifamily Figures Q3 2025)

• Total housing units: 453,814
• Inventory: 122,224 units
• Vacancy rate: 5.3%
• Asking rents: $1,538
• Rent growth: -2.2% year over year
• Absorption: 449 units (Q3)
• Submarkets with highest monthly rent: Downtown Salt Lake City/University ($1,737/unit), Midvale/Sandy/Draper ($1,582/unit), South Salt Lake/Murray ($1,574/unit)

Crexi Insights

Here are the most recent Salt Lake City multifamily Insights from Crexi (as of December 2025):

For Sale (active)

• Median asking price: $2.5 million
• Price/SqFt: $255
• Asking cap rate: 5.2%
• Days on market (median): 88
• Total listings on Crexi: 35 listings totaling 359,500 SF

Sales Comps (past 12 months)

• Median sold price: $738,800
• Sold price/SqFt: $326
• Sold price/unit: $381,300
• Total sales volume: $314.3 million
• Total SqFt sold: 847,500
• Days on market (median): 712

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Get more in-depth Salt Lake City market data with Crexi Intelligence.