MARKET TRENDS
- Availability has increased 190 basis points year over year to 19.8% despite easing activity that remains above both pre-pandemic levels and the 5-year quarterly average.
- Salt Lake OBD continues to see strong demand with the highest average rents in the market ($32.65 per square foot), with decreasing availability now at 20.3%.
- Leasing activity in the CBD and Southwest submarkets, respectively, together accounted for 40% of the region's total leasing activity as demand remains broad-based.