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MARKET NEWSLETTER
Economic Recovery and Local Resilience Pave Way for Brighter 2021
May 10, 2021
Highlights
Negative Market Absorption:
 (71,831)
Vacancy Increases:
 16.2%
Asking Rental Rates Increase:
 $25.06
Office Deliveries Decrease:
 314,395 SF
Office Construction Decrease to:
 2.5 MSF
Unemployment Rate:
 3.0%
First quarter office market statistics indicate the challenges and impact of the COVID-19 pandemic. Due to the increased number of vaccinations and vaccine availability, companies are returning to the office.  Market activity has also increased which will positively impact the office market for the remainder of the year. Positive results will likely be slow and steady due to the typical leasing time frame from site selection to occupancy. With a decrease in new construction and deliveries, the office market will have time to stabilize. Business has had the time to study remote work and its effect on efficiency, productivity, and revenue so they can better address their future office requirements.  Companies and investors continue to have Utah on their radar to expand and locate in the "Beehive State". These factors will enable the local office market to recover and resume its growth.

For additional insights into the office market, please contact us. Our team is here to service you.
Barb Johnson, CCIM, SIOR
First Vice President
+1 801 869 8019
Barb.Johnson@cbre.com
LinkedIn
CBRE Profile
Jenna Ayre, NCIDQ,
LEED CI
Associate
+1 801 869 8021
Jenna.Ayre@cbre.com
LinkedIn
CBRE Profile

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