The Salt Lake City-Provo office market absorbed 505,125 sq. ft. on net in Q4 2019, which is predominantly attributed to activity in Draper and Utah County North.
Abundance of incoming supply (over 3.6 million sq. ft.) reaffirms that there is still strong confidence in the Salt Lake City-Provo marketplace. Tech and financial services firms are the driving forces.
Vacancy increased 50 basis points year-over-year from 10.3% to 10.8%.
Asking rates have decreased year-over-year from $23.89 per sq. ft. FSG in Q4 2018 to $23.79 per sq. ft. FSG in Q4 2019.