SLC is ranked as the 3rd best economy and as 10th America’s fastest-growing city. Tech companies continue to land in the city and drive the lease averages, having closed 55% of the top local real estate deals. Coworking and creative space providers are keeping up with the tendency of leasing up to 25% of the top deals. The mix of them includes international providers such as WeWork, Regus, and the home-grown ones, like Kiln and Vivo. The options of office space for rent in Salt Lake City is saturated in terms of the demand, which is projected to grow as the delivery of new infrastructure projects may lag due to the early stages of development. The lease activities by sector could be lined up as follows: the biggest share is still occupied by miscellaneous businesses, technology, and education followed by law and finances. Overall, as the new tenants are navigating the city and downtown, in particular, the net absorption is set to ramp up, tightening the vacancy rates for office space in Salt Lake City alongside.
