Vacant office space in Salt Lake increases

Vacant office space in Salt Lake increases

Deseret News wire services
Published: Thursday, July 2, 2009 9:13 p.m. MDT

After holding steadfast for the past two years, vacant office space in Salt Lake County increased to a four-year high in this year's second quarter, according to the CB Richard Ellis Mid-Year Market Report.

As of June 30, the office vacancy rate in Salt Lake County was 14.2 percent, up from 13.5 percent at the same point last year. There is approximately 4.2 million square feet of vacant office space in Salt Lake County, compared to 3.9 million square feet a year ago, the report stated.

Over the past five years, midyear office vacancies have moved from 19.8 percent in 2004 to 15.6 percent in 2005 and a low of 12.4 percent in 2005. Midyear vacancies began rising in 2007, jumping to 13.8 percent, then hitting 13.5 percent last year and 14.2 percent this year.
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