房地产 -2025年第四季度盐湖城-普罗沃办公室数据 Salt Lake City-Provo Office Figures Q4 2025

CBRE

FIGURESISALTLAKECITymmPROVOOFFICEIQ42025

conversionsanddemolitionsreducedsupply,

whileleasingvolumeclimbedtomultiyearpeak

457,112

SFYTDNetAbsorption

120,000

SFYTDDeliveries

23.1%

vacancyRate

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

officefundamentalsinthesaltLakecity-provomarketshowedsignsofimprovementin2025,

supportedbystrongleasingactivity,positivenetabsorption,andrentgrowthinkeysubmarkets.Demandremainedfocusedonnewer,highqualityassets,pushingclassAdirectvacancydown

to14.1%,wellbelowtheoveralldirectvacancyrateof19.6%.However,subleaseavailability

continuedtoweighonthissegment,accountingfor5.1%ofclassAinventory.Investmentactivitystrengthenedin2025amidimprovedlendersentimentandpricingstability.TheLehisubmarketpostedtheyear'slargestsaleasxDevelopmentacquiredthe750,000-sq.ft.Thanksgiving

stationportfolio,consistingoffiveclassAofficebuildingsthatwere95%leasedatclosing.

supplyconditionsalsoimprovedasoverallvacancyfelltoitslowestlevelsinceearly2023,

supportedbydecliningsubleaseavailability,apauseinnewdevelopment,andareductioninnewsupplyasconversionsanddemolitionsoutpacednewdeliveriesin2025.Intotal,391,425sq,.ft.

wasremovedfrominventorycomparedtoonenewdeliveryof120,000sq.ft.Lookingahead,

tighteningsupplyandsteadydemandshouldsustainpositiveabsorption.Evenatmodestlevels,thiswilltranslatetolowervacancyintheabsenceofnewconstruction.Thesedynamicspositionthemarketforcontinuedmomentumandimprovementheadinginto2026.

$26.70

SFunderconstruction

Avg.DirectAskingRate(FSG)

FIGURE1:NetAbsorption(SF),Deliveries(SF),andTotalvacancy(%)

NetAbsorptionDeliveriesTotalvacancy

source:CBREResearch,Q42025.

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

2CBRERESEARCH©2026CBRE,INC.

Marketperformance

ThesaltLakecity-provoofficemarketrecorded53,434sq.ft.ofpositivenetabsorptioninQ42025,as108,073sq.ft.ofsuburbangainsoffset54,639sq.ft.ofdowntownlosses.year-to-dateabsorptionreached457,112sq.ft.,thestrongestannualincreasesince2021,drivenprimarilybyoccupancygainsinutahcountyandDowntownearlierintheyear.utahcountyledthemarketwith585,332sq.ft.ofpositiveabsorptionyear-to-date,whileDowntownsaltLakecityposted68,758sq.ft.ofgains.Incontrast,suburbansaltLakecountyrecorded196,978sq.ft.of

negativeabsorptionafterthreeconsecutivequartersofdecline,primarilyduetoseveral

footprintreductionsandrelocationsinthesouthvalley,despiteturningpositiveinQ42025.withnoprojectsunderconstructionandsteadydemand,tighteningsupplyisexpectedto

supportcontinuedrecoveryandpositiveabsorptionin2026.

Theaveragedirectaskingrentrose1.8%year-overyearto$26.70FSGpersq.ft.inQ42025,

reachingitshighestlevelsincelate2022.classAspaceinthecentralBusinessDistrict

remainedthemarket'stoppricingtier,hittingarecordhigh$38.55FSGpersq.ft.inQ42025.

Thisrepresenteda7.5%year-overyearincreaseandunderscoredsustaineddemandfor

premiumofficespaceinhighlyconnected,amenity-richlocations,whichpromptedlandlordstoimplementrentincreasesacrossseveraltoptierproperties.subleasespacecontinuedtoofferadiscount,withaverageaskingrentsat$24.46FSGpersq.ft,9.2%belowthedirectaverage.

Lookingahead,strongdemandandtheabsenceofnewconstructionareexpectedtopushclassArentsevenhigherastheremainingpremiumspaceisleased.Thistrendwilllikelyredirect

demandtowardwell-locatedmid-tierassets,drivingmodestrentincreasesacrossthatsegment.FIGURE2:TotalAvailability,vacancy,andsublease

TotalAvailability(%)nTotalvacancy(%)Availablesublease(%)

24.0

20.0

12.0

28.0

24.123.924.1

2.1

3.7

4,1

MarketTotalDowntownsuburban

FIGURE3:NetAbsorptionbyAssetclass(SF)

source:CBREResearch,Q42025.

FIGURE4:GrossAverageDirectAskingRentsbyAssetclass($/SF/yrFSG)

source:CBREResearch,Q42025.

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

3CBRERESEARCH©2026CBRE,INC.

vacancy,Availability&sublease

Theoverallvacancyratedeclinedto23.1%inQ42025,markingthefifthconsecutivequarterofimprovementandayear-over-yeardecreaseof130basispoints(bps).classAproperties

continuedtooutperformthebroadermarket,withvacancyat18.8%,whichwas4.3percentagepointsbelowthemarketaverage,reflectingsustainedtenantdemandformodern,high-qualityspace.classBproductremainedtheprimarypressurepointat28.8%.Amongsubmarkets,Lehipostedthestrongestimprovement,falling470bpsyear-over-yearto9.6%,whereaswest

valley/Lakeparkcontinuedtorecordthehighestvacancyinthemarketat56.1%.

Totalavailabilityalsodeclinedin2025,down190bpsyear-overyearto24.1%inQ42025,drivenprimarilybyreductionsinsubleaseofferingsratherthandirectspace.subleaseavailability

continuedtoretreatfromitslate-2023peakto2.0millionsq.ft.(3.7%ofmarketinventory)byyear-end;however,with56.4%ofactivesubleasespacescheduledtoexpirebetween2026and2028,directavailabilitywasexpectedtoremainelevatedinthenearterm.Atthesametime,

recordlowofficedeliveriesandstartshadmadelargeblockclassAspaceincreasinglyscarce,representingadefiningconstraintfortenantswithlargerspacerequirements.Lookingahead,top-tierofficeavailabilityisakeytrendtomonitor,astheabsenceofnewsupplywilllikely

furthertightenoptionsamidsteadydemand.

FIGURE5:TotalvacancybyAssetclass(%)

FIGURE6:DirectandsubleaseAvailability

Availability(MSF)

source:CBREResearch,Q42025.

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

4CBRERESEARCH©2026CBRE,INC.

LeaseActivity

LeasingactivityinQ42025totaled808,998sq.ft.,fallingbelowthefive-yearquarterlyaverage,

largelyduetoseasonalfactors.However,year-to-dateleasingvolumereached4.9millionsq.ft.

across504transactions,representinga10.5%increaseyear-over-yearandthehighestannualtotalsince2021.Demandin2025waslargelydrivenbyfinancialservicesandtechnologyfirms,which

collectivelyaccountedforapproximately41%oftotalleasingvolumeyear-to-date.Newleases

accountedfor71%oftransactions,whilerenewalsrepresentedtheremaining29%.Bycontrast,

downtownsaltLakecityrecordedahighershareofrenewalsamongtenantsoccupyingmorethan20,000sq.ft.,drivenbytheincreasinglylimitedsupplyoflarge-blockclassAspace.Acrossthe

market,demandforhighqualityofficespacepersisted,withclassApropertiescapturing58%ofleasingvolumeyear-to-date,followedbyclassBat37%andclasscat5%.

suburbansaltLakecountyrecordedthelargestshareofleasedareain2025at47%,followedbysuburbanutahcountyat31%anddowntownsaltLakecityat22%.TheTechcorridor(Lehi-

sandysouthTowneDraper)accountedforthehighestconcentrationat63%.smallertenantscontinuedtodriveleasingdemand,withthoseseekingunder10,000squarefeetaccountingfornearlythree-quarters(74%)ofalltransactionsyear-to-date.Mid-sizedusers(10,000-20,000sq.ft.)represented17%,whilelargeroccupiers(over20,000sq.ft.)madeuptheremaining9%.

Additionally,tenantscontinuedtocapitalizeoncost-effective,plug-and-playsubleaseoptions,whichaccountedfor16%oftotalleasingvolumeyear-to-date.

FIGURE8:TotalLeasedAreabyLeaseType:Directvs.sublease

24.0

20.0

5.0

3.0

2.0

12.0

SFLeased(MSF)%ofTotalsFLeased

2016201720182019202020212022202320242025

DirectLeasevolumesubletshareofLeasevolume

source:CBREResearch,Q42025.*Annualized

FIGURE9:TotalLeasedAreabyAssetclassSFLeased(MSF)

2.0

1.5

1.3

0.5

0.3

classAClassBClassc5-yearQuarterlyAverage

source:CBREResearch,Q42025.

FIGURE10:TotalLeasedAreabysubmarket(SF)andLeaseTransactionType

source:CBREResearch,Q42025.

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

5CBRERESEARCH©2026CBRE,INC.

DevelopmentActivity

supply-sidepressureeasedin2025asofficeconstructionfelltoahistoriclowfollowingthe

completionofthefinalinstitutionalprojectunderway.Annualdeliveriestotaledjust120,000sq,.ft.,thelowestlevelinmorethanadecade,andnonewprojectsbrokegroundduringtheyear,

leavingyear-endconstructionvolumeatosq.ft.Thepauseinnewdevelopmentmarksasharpdeclinefrom2020peaks,whennearly2.9millionsq.ft.wereunderconstructionacross16

projects.TheBeverlyatHolladayHills,aclassAbuildingontheformercottonwoodMallsiteinthecentralvalleyEastsubmarket,deliveredinQ42025andwas50%preleasedatcompletion,anchoredbycoworkingoperatorkiln.

Lookingahead,officedevelopmentisexpectedtoremainmutedinthenearterm.Elevated

vacancywilllikelycontinuetodeterspeculativeprojectswithoutsubstantialpre-leasing

commitments.withnonewdeliveriesonthehorizonandanetdeclineininventorydrivenby

morespacebeingremovedthroughdemolitionorconversionthanaddedin2025,thealready

limitedsupplyofhighqualityofficespaceispoisedtotightenfurther.Thiscontractionmayhelpmitigatefuturesupplysideriskasdemandshiftstowardhighervacancy,secondgeneration

product.However,tenantsdelayingleasingdecisionsriskashrinkingpoolofpremiumoptions,whichcouldredirectdemandtothenexttierofbuildingsoralternativesubmarkets.

FIGURE11:DeliveriesandpreLeasing

3.0

2.5

2.0

1.5

0.5

Deliveries(MSF)pre-Leased(%)

202020212022202320242025UC

Deliveries一pre-committed

source:CBREResearch,Q42025.

FIGURE12:DeliveriesTrailing24Months

NRA(SF)submarket

AverageAsking

LeaseRate

($/SF/YRFSG)

preleased(%)QuarterBuilt

TheBeverlyatHolladayHills

120,000

centralvalleyEast

50.0

Q42025

Highpointecenter

75,000

Draper

100

Q32024

valleyGroveIll

140,768

centralGrove

Q12024

BeltwaywestIll

30,850

centralvalley

22.50

Q12024

source:CBREResearch,Q42025.

FIGURE13:constructionvolumeandcountofprojectsunderconstruction

underconstruction(MSF)countofprojectsunderconstruction(#)

3.2

2.8

2.4

2.0

1.2

3.618

4

0.4

2

o

underconstruction-Downtownmmunderconstruction-suburbanunderconstructioncount

source:CBREResearch,Q42025.

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

6CBRERESEARCH©2026CBRE,INC.

Marketstatisticsbysubmarket

NetRentableArea

(SF)

Totalvacancy

(%)

TotalAvailability

(%)

DirectAvailabilitysubleaseAvailability

(%)(SF)

Avg.DirectAskingRate(FSG)

QTDNetAbsorption

(SF)

YTDNetAbsorptionYTDDeliveries

(SF)(SF)

underconstruction

(SF)

DowntownsaltLakecity

11,819,233

23.9

21.8

254,053

(54,639)

68,758

centralBusinessDistrict

8,739,425

22.1

23.1

21.1

172,449

31.48

(32,336)

5,129

CBDperiphery

3,079,808

26.5

26.4

23.7

81,604

26.62

(22,303)

63,629

suburbansaltLakecounty

28,089,626

24。9

20.9

1,123,014

25,83

83,161

120,000-

Airport/Internationalcenter

2,072,254

24.9

24.9

19.5

112,737

23.25

58,959

2,661

centralvalley

3,116,958

22.8

23.6

128,O50

23.16

(92,443)

(57,583)

centralvalleyEast

2,130,657

10.2

11.3

10,765

23.63

89,380

101,647

120,000-

cottonwood

2,348,247

22.1

22.8

55,179

33.12

(22,542)

(306)

Draper

4,762,867

26.6

24.8

27.22

(16,206)

12,270

Foothillcorridor

196,823

26.3

26.3

24.43

8,112

1,656

Interchange

636,616

18.2

18.2

17.3

22.70

9,457

Researchpark

927,785

7.3

7.3

23.00

(36,748)

sandysouthTowne

5,845,306

19.5

15.9

26.42

(76,165)

southwestvalley

518,386

30.4

30.4

29.58

(255)

13,793

sugarhouse

14.7

15.8

32.59

1,285

(3,835)

unionparkDistrict

22.4

22.6

75,251

26.46

(15,497)

(114,259)

westvalley/Lakepark

56.1

56.5

190,945

24.04

25,233

(49,566)

suburbanutahcounty

13,222,077

22.3

571,375

25.15

24,912

585,332

centralGrove

3,483,066

26.4

234,880

24.53

(84,293)

212,845

Lehi

5,425,370

17.5

266,890

29.24

106,383

251,801

provoorem

4,313,641

25.1

23.5

69,605

22.80

2,822

120,686

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

7CBRERESEARCH©2026CBRE,INC.

MarketstatisticsbyIndex

NetRentableArea

(SF)

TotalAvailability

(%)

DirectAvailabilitysubleaseAvailability

(%)(SF)

Avg.DirectAskingRate(FSG)

QTDNetAbsorption

(SF)

YTDNetAbsorption

(SF)

YTDDeliveries

(SF)

17,247,214

21.2%

15.1

1,057,197

30.26

(29,297)

112,580

classB

19,578,251

28.5%

25.5

594,388

23.78

131,471

225,653

classc

4,486,238

14.6

16.0%

15.0

42,804

21.53

5,899

50,121

41,311,703

23,1

24,1

20.0

1,694,389

25.63

108,073

388,354

NetRentableArea

(SF)

DirectAvailability

(%)

subleaseAvailability

(SF)

Avg.DirectAskingRate(FSG)

QTDNetAbsorption

(SF)

YTDNetAbsorption

(SF)

4,852,860

16.5

65,245

37.02

(20,294)

4,342

classB

179,561

27.98

114,601

classc

18.3

18.3

9,247

22.07

(50,185)

23.3

23.9

254,053

30.12

68,758

NetRentableArea

(SF)

TotalAvailability

(%)

DirectAvailability

(%)

subleaseAvailability

(SF)

Avg.DirectAskingRate(FSG)

QTDNetAbsorption

(SF)

YTDNetAbsorption

(SF)

YTDDeliveries

(SF)

22,100,074

20.5

15.4

1,122,442

31.85

(49,591)

116,922

classB

24,855,627

26.0

773,949

24.73

99,104

340,254

classc

6,175,235

15.6

15.8

52,051

21.69

3,921

(64)

Total

53,130,936

23.1

1,948,442

26。7O

53,434

457,112

FIGURES|SALTLAKECITY-PROVOOFFICE|Q42025

MarketAreaoverview

CBREoffices

DowntownsaltLakecity222southMainstreet,4thFloorsaltLakecity,UT84101

LehiTechcenter

3300NorthTriumphBlvd,suite360Lehi,UT84043

surveycriteria

ThesaltLakecityprovoofficemarketiscomprisedofbothsaltLakecountyandutahcounty.Itspansthestate'stwomajor

metropolitancities:saltLakecityandprovo.propertysurveycriteriaincludesallexistingofficebuildings20,000sq.ft.andgreater

insize,excludingowneruserandmedicaloffice.Buildingswhichhavebegunconstructionareevidencedbysiteexcavationorfoundationwork.

Methodology

positionabsorptioniscalculatedattimeofoccup