22 March, 2017
Metro Salt Lake, Ogden south thru Provo, has benefited from substantial growth in both payrolls and commercial real estate since 2009. In fact, Metro Salt Lake employment grew at 3.5% over the last twelve months compared to 1.5% nationally with both industrial and office inventories having sustained growth in all markets.
Spearheading this growth, from 2009-20016 Provo-Orem led the way in percent gained in both employment (33.6%) and office inventory (35.8%), nearly matching the total of new office sf delivered in Salt Lake. Most of these new office buildings now dot the skyline of the “Silicon Slopes” in north Utah County. With MSA office vacancy rates ranging from 7.2-9.8%, expanding and new companies still have good options, while continued employment growth foreshadows additional office construction.