Salt Lake City Office Market Report
By PropZone Research · Data through Q1 2026 · Aggregated from Cushman & Wakefield, Newmark, CBRE U S Cap Rate Sur, Lee Associates
Quarterly office market indicators for Salt Lake City, aggregated by PropZone from Cushman & Wakefield, Newmark, CBRE U S Cap Rate Sur, Lee Associates. As of Q1 2026, average asking rent was — with a 0.7% vacancy rate.
Projected current office pricing — Salt Lake City
low confidenceProjected asking rent
$26.82/SF/yr
Estimated sale value
$186–$242/SF
Modeled estimate (income approach) shown as a range — not an appraisal. Projected asking rent × occupancy × net-operating-income margin band ÷ market cap rate, from Q3 2025 Newmark data (cap rate 6.6%, asking rent held flat). Assumes ~92% occupancy (vacancy not reported) and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 | — | 0.7% | 193K SF | — | Cushman & Wakefield |
| Q4 2025 | — | 23.1% | — | — | Cushman & Wakefield |
| Q3 2025 | $26.82/SF | — | — | — | Newmark |
| Q3 2025 | $26.82/SF | — | — | — | CBRE U S Cap Rate Sur |
| Q1 2025 | $9.24/SF | 3.7% | 0K SF | — | Cushman & Wakefield |
| Q4 2023 | $28.36/SF | 12.0% | 78K SF | — | Lee Associates |
| Q4 2020 | $24.75/SF | 2.5% | — | — | Cushman & Wakefield |
| Q2 2020 | — | 2.6% | 0K SF | — | Cushman & Wakefield |
Frequently asked questions
- What is the average asking rent for office space in Salt Lake City?
- PropZone aggregates office asking-rent data for Salt Lake City from major brokerage market reports; see the quarterly table for the latest available figures.
- What is the office vacancy rate in Salt Lake City?
- The office vacancy rate in Salt Lake City was 0.7% as of Q1 2026 (Cushman & Wakefield).
- Where does PropZone's Salt Lake City market data come from?
- This report aggregates quarterly office market data for Salt Lake City from Cushman & Wakefield, Newmark, CBRE U S Cap Rate Sur, Lee Associates.
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