MARKET TRENDS
- Salt Lake City's industrial vacancy rose to 7.4% in Q4 2024, up from 7.3% in Q3, driven by over 2.6 million square feet (msf) of new deliveries. An additional 2.7 msf remains under construction, reflecting ongoing development activity across the market.
- Net absorption for 2024 totaled 5.1 msf, almost a 200% increase from 2023, highlighting a significant surge in market activity and leasing demand. However, Q4 absorption accounted for 0.9 msf, marking the lowest quarterly absorption of the year.
- Asking rental rates declined from $0.80 in Q4 2023 to $0.76 in Q4 2024, reflecting market adjustments despite fluctuations in vacancy rates. Southeast Submarket rates remained the highest at $1.22, down slightly from $1.24 last quarter.