Transaction activity on the rise in Salt Lake County office market despite swelling supply, economic uncertainty
The overall fundamentals pf Salt Lake County's office market were moderately softened in the second quarter, with availability continuing a steady climb that has continued for two years. While some of the rise in available options has been a result of new development, Salt Lake County has not been immune from the trend result of new development, Salt Lake County has not been immune from the trend of companies drastically reducing their office footprints and future occupancy requirements. However, the market in 2022 year to date has shown signs of a modest revival. Leasing volumes have increased for three consecutive quarters, and transaction numbers were up 73.4% over the previous year. Meanwhile, the Salt Lake metro area has witnessed strong post-pandemic recovery among large markets, with strong labor market improvement and a comparatively low unemployment rate of 2.4%