Commercial Real Estate Market in Lehi, UT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
106 active listings and 781 off-market properties in Lehi, UT. Commercial property asks $444/SF to buy and $24.66/SF/Yr to lease.
Market Trends
Lehi, UT spans 119.6 square miles in Utah County, Utah. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Lehi, UT runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Lehi, UT runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Lehi, UT runs 7.9% across the West region in 2025, up from 3.7% in 2019. Nearly 3.2x the 2022 low of 2.5%.
Vacancy Rate % in West region
Multifamily
Multifamily space in Lehi, UT asks $254/SF to buy. Vacancy runs 8.6% across the West region in 2025, up from 7% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in West region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 39.9%
- Commercial 7.4%
- Civic 4.1%
- Industrial 2.3%
- Mixed use 1.4%
- Planned_development 0.1%
- Special 0%
Largest Zones share of zoned land by district
Planned Community
Residential Agriculture
Transitional Holding 5
Residential
Commercial
Planned Community (PC)
Planned Community (PC) Resort Community (RC) Public Facilities (PF) Transit Oriented Development (TOD) These zones govern the use, intensity, area, and other requirements as required by this Code. All develop- ment, activity, and authorized permits and licenses shall adhere to the standards of the applicable zone.
Market overview
Demographics & Economy
Lehi, UT has 156,965 residents in 46,630 households. Density runs 1,313 people per square mile. Median household income here is $119,692 and median gross rent $1,949 a month.
156,965
Population
46,630
Households
3.4
Avg Household Size
24
Median Age
47%
College-Educated
97%
High-School Grad
119.6 sq mi
ZIP Area
1,313
Density / Sq Mi
$119,692
Median Household Income
$48,482
Median Earnings
$1,949
Median Rent
$540,387
Median Home Value
Tools
Lease vs Buy Breakeven
At $24.66/SF/Yr lease vs $444/SF buy → buying wins if held > 6.9 years.
At a 5.6% gross asking yield the payback reads short relative to leasing. Assumes 30% down at 6.5% fixed, 2% a year in taxes and upkeep, 3% appreciation, 5% opportunity cost, 2% closing plus 5% selling costs, and a 3% annual rent escalator.
Nearby Markets
Commercial property in Lehi, UT asks $444/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Lehi?
Commercial property in Lehi, UT asks an average of $444 per square foot. Multifamily carries the highest asking price at $254/SF.
How much does it cost to lease commercial space in Lehi?
Asking lease rates in Lehi, UT average $24.66 per square foot per year.
Is it cheaper to lease or buy commercial space in Lehi?
Buying beats leasing in Lehi, UT if the property is held longer than 6.9 years, comparing $24.66/SF/Yr asking rent with $444/SF asking price. The model assumes 30% down at 6.5% fixed, 2% of value per year in taxes and upkeep, 3% appreciation, 5% opportunity cost on the cash and a 3% annual rent escalator.
Where does Realmo's Lehi market data come from?
Realmo compiles Lehi, UT figures from 60 active sale listings, 46 active lease listings, 781 tracked off-market properties, the current Lehi zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 60 active for-sale and 46 active for-lease listings in Lehi, UT. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 19,671 zoned acres across 29 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 30 September 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at West region level, retail vacancy is reported at West region level and industrial vacancy is reported at West region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 30 September 2026 · How Realmo checks market page data · Report a data issue
