Commercial Real Estate Market in Salt Lake City, UT
Updated monthly: sale, lease, property records, location trend, and more… · Last update: September 30
878 active listings and 13,719 off-market properties in Salt Lake City, UT. Commercial property asks $241/SF to buy and $23.17/SF/Yr to lease. Office vacancy runs 23.1%, the loosest of the segments tracked here.
Market Trends
Salt Lake City, UT spans 386.5 square miles in Salt Lake County, Utah. Figures below refresh monthly; last updated 30 September 2026.
Office
Office space in Salt Lake City, UT asks $21.92/SF/Yr to lease. Vacancy runs 23.1% in 2025, up from 9.7% in 2019. Down from a 2024 peak of 24.8%.
Average Lease Price $/SF/Yr
Listings
Vacancy Rate %
Retail
Retail vacancy in Salt Lake City, UT runs 3.5% in 2025, down from 6.5% in 2019. Down from a 2020 peak of 7.5%.
Vacancy Rate %
Industrial
Industrial vacancy in Salt Lake City, UT runs 7.9% in 2025, up from 3.2% in 2019. Nearly 4.2x the 2021 low of 1.9%.
Vacancy Rate %
Multifamily
Multifamily space in Salt Lake City, UT asks $293/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
Market overview
Demographics & Economy
Salt Lake City, UT has 639,660 residents in 255,181 households. Density runs 1,655 people per square mile. Median household income here is $87,466 and median gross rent $1,486 a month.
639,660
Population
255,181
Households
2.5
Avg Household Size
34
Median Age
38%
College-Educated
89%
High-School Grad
386.5 sq mi
ZIP Area
1,655
Density / Sq Mi
$87,466
Median Household Income
$45,179
Median Earnings
$1,486
Median Rent
$473,287
Median Home Value
Tools
Lease vs Buy Breakeven
At $23.17/SF/Yr lease vs $241/SF buy → buying wins if held > 1.5 years.
At a 9.6% 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
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| South Salt Lake | — | — |
| Millcreek | — | — |
| Murray | — | $19.61 |
| Holladay | — | — |
Commercial property in Salt Lake City, UT asks $241/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Salt Lake City?
Commercial property in Salt Lake City, UT asks an average of $241 per square foot. Multifamily carries the highest asking price at $293/SF.
How much does it cost to lease commercial space in Salt Lake City?
Asking lease rates in Salt Lake City, UT average $23.17 per square foot per year. Office asks $21.92/SF/Yr as of Q2 26, little changed from $21.99/SF/Yr in Q1 26.
What is the office vacancy rate in Salt Lake City?
Office vacancy in Salt Lake City, UT is 23.1% as of 2025, up from 9.7% in 2019. Retail vacancy is 3.5%, below Office vacancy.
Which property type has the lowest vacancy in Salt Lake City?
Retail has the lowest vacancy in Salt Lake City, UT at 3.5%, inside a 3.5–7.5% band since 2019. For comparison: office 23.1%, industrial 7.9% and multifamily 8.6% (West).
Is it cheaper to lease or buy commercial space in Salt Lake City?
Buying beats leasing in Salt Lake City, UT if the property is held longer than 1.5 years, comparing $23.17/SF/Yr asking rent with $241/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 Salt Lake City market data come from?
Realmo compiles Salt Lake City, UT figures from 378 active sale listings, 500 active lease listings, 13,719 tracked off-market properties. Sale and lease figures refresh monthly; vacancy annually. Last updated 30 September 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 378 active for-sale and 500 active for-lease listings in Salt Lake City, 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.
- 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
- multifamily 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 · report a data issue
