Salt Lake City Office Market Report
By CREhunt Research · Data through Q1 2026 · Aggregated from CBRE, Savills, JLL, Cushman & Wakefield, Newmark
Quarterly office market indicators for Salt Lake City, aggregated by CREhunt from CBRE, Savills, JLL, Cushman & Wakefield, Newmark. As of Q1 2026, vacancy was 22.8%, per CBRE.
Projected current office pricing — Salt Lake City
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for Salt Lake City office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q1 2026 multiple brokerages asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent trend-adjusted to today). Assumes ~77% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q1 2026 CBRE | — | 22.8% | 145K SF | — | CBRE |
| Q1 2026 Savills | $27.41/SF/yr | 19.1% | — | — | Savills |
| Q1 2026 JLL | $25.49/SF/yr | 18.6% | 50K SF | — | JLL |
| Q1 2026 Cushman & Wakefield | $26.39/SF/yr | 23.0% | 199K SF | — | Cushman & Wakefield |
| Q4 2025 Newmark | $27.36/SF/yr | 16.3% | — | — | Newmark |
| Q4 2025 Cushman & Wakefield | $26.68/SF/yr | 23.1% | 115K SF | — | Cushman & Wakefield |
| Q3 2025 Newmark | $26.82/SF/yr | 16.0% | — | — | Newmark |
| Q1 2025 Cushman & Wakefield | $25.62/SF/yr | 24.6% | 130K SF | — | Cushman & Wakefield |
| Q4 2024 Cushman & Wakefield | $25.66/SF/yr | 3.7% | -58K SF | — | Cushman & Wakefield |
| Q2 2020 Cushman & Wakefield | $24.57/SF/yr | 13.0% | -357K SF | — | Cushman & Wakefield |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each Salt Lake City office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| CBD | $30.43/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Central East | $28.10/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Central West | $26.14/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North East | $24.90/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| North West | $24.44/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Periphery | $27.40/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| South East | $26.53/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| South West | $29.16/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Utah County North | $25.81/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
| Utah County South | $22.87/SF/yr Cushman & Wakefield · Q1 2026 | Cushman & Wakefield, Q1 2026 |
Frequently asked questions
- What is the average asking rent for office space in Salt Lake City?
- CREhunt 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 22.8% as of Q1 2026 (CBRE).
- Where does CREhunt's Salt Lake City market data come from?
- This report aggregates quarterly office market data for Salt Lake City from CBRE, Savills, JLL, Cushman & Wakefield, Newmark.