Salt Lake City Industrial Figures Q1 2026

The Salt Lake City industrial market posted a strong start to 2026, supported by healthy leasing activity and clear signs of improving fundamentals. Vacancy declined quarter-over-quarter as net absorption rose to a six‑quarter high, highlighting renewed momentum in tenant demand. Asking lease rates posted a modest uptick, reinforcing pricing stability, while total leased square footage aligned closely with the five‑year average. Together, these trends point to a market that is settling into a steady, sustainable pace of activity following recent volatility.​

Construction remains an integral component of the market outlook, with more than 3.1 million square feet currently underway and approximately 2.7 million square feet expected to deliver by year‑end 2026. After a brief pause in completions, new supply returned in Q1 2026 with the delivery of a fully occupied 116,000‑square‑foot building within the SLC Global Logistics Center. While tenants continue to evaluate space needs carefully and decision‑making timelines have lengthened, requirements remain active. Demand continues to favor well‑located, move‑in‑ready facilities that offer efficiency and flexibility, supporting a resilient market backdrop and a constructive outlook for the remainder of the year.​