Salt Lake City Industrial Figures Q2 2026

The Salt Lake City industrial market continued to gain momentum in Q2 2026, supported by robust occupier demand. Net absorption increased significantly both quarter-over-quarter and year-over-year, reflecting renewed tenant demand. Vacancy declined to 7.2%, marking its second consecutive quarterly decrease and pointing to an improved balance between supply and demand. Meanwhile, average asking rents posted modest growth and remained $0.04 above year-ago levels, underscoring ongoing pricing resilience. Looking at longer-term trends, the market continues to normalize following a period of elevated supply growth. Since Q2 2021, vacancy and availability have risen considerably as developers delivered a significant wave of new inventory, though conditions have begun to stabilize as demand catches up with supply. Encouragingly, the market recorded 2.8 million square feet of net absorption over the past six months, helping to offset recently completed space. Development activity has moderated substantially, with the current construction pipeline standing nearly 73% below its Q2 2021 level. As tenants remain focused on operational efficiency and strategic location decisions, demand continues to favor high-quality, well-positioned facilities, supporting a constructive outlook for market performance through the remainder of 2026.