Salt Lake City Industrial Figures Q4 2025

Throughout 2025, Salt Lake City’s industrial market maintained healthy leasing trends, a shrinking development pipeline, and resilient vacancy. Strong leasing momentum in the first half of the year, driven in part by renewals, kept the market on track despite the typical seasonal slowdown in the final quarter. Nearly 12 million sq. ft. of leases were signed in 2025, up from 9.5 million in 2024, and consistent with activity seen in 2023 and 2022. Demand within existing properties helped maintain vacancy levels as speculative projects continued to deliver, many of them initially vacant. Nearly 2.5 million sq. ft. was delivered in 2025, although none occurred in the final quarter of the year, marking the first quarter in recent history without any new completions. Construction activity has tapered as developers worked through the existing pipeline, with fewer new groundbreakings reflecting tighter financing conditions and a more disciplined approach to starts. This right-sized development strategy has supported vacancy stability and steady performance across most size segments. Overall, Salt Lake City’s long-term fundamentals remained firmly intact. Strategic location, robust logistics infrastructure, and sustained population growth continued to support demand. Businesses remained confident in the region’s ability to support growth, making Salt Lake City a reliable hub for industrial users seeking efficiency and scalability.