Figures

Ogden Office Figures H1 2024

August 14, 2024 5 Minute Read

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-The Ogden office market remained relatively stable with limited supply pressure in H1 2024 and maintained an occupancy rate of over 90%.
-The metropolitan area hosts less than 7 million sq. ft. of office space. In comparison, the Salt Lake-Provo Office market has more than 56.4 million sq. ft., with Salt Lake County hosting nearly 42.8 million sq. ft. and Utah County hosting 13.6 million sq. ft.
-Total office vacancies decreased for the third consecutive quarter in H1 2024, dropping by 220 basis points compared to H2 2023 and by 190 basis points from the same time last year. Direct vacancies also decreased, dipping 200 basis points since H2 2023 to 7.7%.
-The average asking rate rose by 1.7% year-over-year in H1 2024, reaching $22.19 FSG per sq. ft. Annual rent growth has averaged approximately 3.2% since H1 2016.
-Office development remained a minimal factor, with only 30,000 sq. ft. under construction in H1 2024, or about 0.5% of inventory—unchanged from H2 2023 and down 76.8% from the same time last year. One project is scheduled for delivery in the latter half of 2024, with no additional deliveries scheduled beyond year-end.