Commercial Real Estate Market in Provo, UT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
215 active listings and 1,670 off-market properties in Provo, UT. Commercial property asks $153/SF to buy and $15.15/SF/Yr to lease.
Market Trends
Provo, UT spans 119.9 square miles in Utah County, Utah. Figures below refresh monthly; last updated 30 September 2026.
Office
Office vacancy in Provo, UT runs 20.8% across the West region in 2025, up from 11% in 2019.
Vacancy Rate % in West region
Retail
Retail vacancy in Provo, UT runs 5.8% across the West region in 2025, down from 7% in 2020.
Vacancy Rate % in West region
Industrial
Industrial vacancy in Provo, 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 Provo, 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
- Industrial 46.5%
- Residential 25.6%
- Open space 16.9%
- Commercial 4.1%
- Special 3.2%
- Mixed use 2.4%
- Civic 0.8%
- Planned_development 0%
Largest Zones share of zoned land by district
Agricultural Zone
Public Facilities Zone
Agricultural Zone
One Family Residential
Open Space Preservation And Recreation
Provo, UT zones 28,673 acres across 95 districts. Commercial zoning covers 4.1% of zoned land, residential 25.6%, open space 16.9% and industrial 46.5%. The largest single district is Agricultural Zone at 26.5%. For commercial buyers the practical constraint is that only 50.6% of land carries a commercial or industrial designation.
Agricultural Zone (A1.40)
The A1 zone is designed and intended to protect agricultural uses from encroachment of urban development until such time as residential, commercial or industrial uses in such areas become necessary and desirable
Market overview
Demographics & Economy
Provo, UT has 115,646 residents in 36,423 households. Density runs 964 people per square mile. Median household income here is $64,219 and median gross rent $1,148 a month.
115,646
Population
36,423
Households
3.2
Avg Household Size
26
Median Age
46%
College-Educated
93%
High-School Grad
119.9 sq mi
ZIP Area
964
Density / Sq Mi
$64,219
Median Household Income
$20,076
Median Earnings
$1,148
Median Rent
$441,760
Median Home Value
Tools
Lease vs Buy Breakeven
At $15.15/SF/Yr lease vs $153/SF buy → buying wins if held > 1.4 years.
At a 9.9% 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
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Springville | — | — |
| Orem | — | $14.33 |
| Spanish Fork | — | $23.80 |
Commercial property in Provo, UT asks $153/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Provo?
Commercial property in Provo, UT asks an average of $153 per square foot. Multifamily carries the highest asking price at $254/SF.
How much does it cost to lease commercial space in Provo?
Asking lease rates in Provo, UT average $15.15 per square foot per year.
Is it cheaper to lease or buy commercial space in Provo?
Buying beats leasing in Provo, UT if the property is held longer than 1.4 years, comparing $15.15/SF/Yr asking rent with $153/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.
What zoning applies to commercial property in Provo?
Provo, UT zones 28,673 acres across 95 districts, of which 4.1% is commercial and 46.5% industrial. The largest single district is Agricultural Zone at 26.5% of zoned land. The A1 zone is designed and intended to protect agricultural uses from encroachment of urban development until such time as residential, commercial or industrial uses in such areas become necessary and desirable Residential zoning covers 25.6% and open space 16.9%.
Where does Realmo's Provo market data come from?
Realmo compiles Provo, UT figures from 143 active sale listings, 72 active lease listings, 1,670 tracked off-market properties, the current Provo zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 143 active for-sale and 72 active for-lease listings in Provo, 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: 28,673 zoned acres across 95 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
