Salt Lake City Industrial Figures Q3 2026

The Salt Lake City industrial market recorded modest positive demand in Q3 2026, as overall conditions softened slightly from Q2 2026. Net absorption for the quarter totaled 168,000 sq. ft., down from 1.7 million sq. ft. in Q2 2026, while leasing activity eased from 3.3 million sq. ft. to 2.3 million sq. ft. Absorption from steady leasing activity throughout the year is expected to hit.

Vacancy edged up 10 basis points (bps) to 7.3% and availability rose 30 bps to 8.2%, which impacted the average asking rent by increasing from $0.82 per sq. ft. to $0.87 per sq. ft. Availability within newer, more expensive product, as well as overall pricing increases drove this jump. Pricing remains very nuanced depending on space and property size, as well as location, amenities, and power.

The market reflects a state of normalization from the supply-driven cycle of recent years. Vacancy reached a series low of 1.4% in Q2 2022 as construction under way peaked at nearly 10.9 million sq. ft., then climbed to a cycle high of 8.2% by Q4 2025 amid several quarters of negative absorption. Leasing volumes, while well below the 4.2 million sq. ft. peak recorded in Q2 2021, have remained within the broader historical range. The combination of rising rents and a growing pipeline in Q3 2026 suggests developers and landlords are reading demand as more durable and overall market stability as positive.