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Real Estate Overview | Industrial Parks | Research Parks
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Visit FastFacilities to view some of Utah's available buildings and properties.
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Comparison of Class "A" Office Rent
Major Western Markets - 2002 |
Markets |
CBD Weighted Average |
Outside CBD Weighted
Average |
Salt Lake City |
$22.2 |
$19.9 |
Phoenix |
$18.4 |
$20.9 |
Denver |
$22.4 |
$19.0 |
Reno |
$20.0 |
$20.6 |
Las Vegas |
$27.2 |
$27.2 |
Source: Colliers-Commerce-CRG |
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Class A office space in Salt Lake City's central business district (CBD) averaged $17-$22 per square foot in 2002, see Table. The rate for office space in suburban Salt Lake County in 2002 was $20 per square foot. Commercial lease rates dropped an average of $1.50 to $2 per square foot due to the downturn in the economy. New office construction has slowed considerably due to higher vacancy rates. Lease rates are expected to improve during the 2nd half of 2003.
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Construction costs in Utah are generally lower than other Mountain States. The Table on the right gives the construction cost indexes for various Western cities. The index is based on a national average for materials and installation for typical buildings.
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Construction Cost Indexes
Commercial Buildings
Selected Cities, 2002 |
City |
Commercial Cost Index |
Salt Lake City |
89.6 |
Boise |
89.3 |
Los Angeles |
108.5 |
Sacramento |
109.9 |
San Diego |
106.3 |
San Francisco |
122.6 |
Denver |
95.2 |
Las Vegas |
105.0 |
Albuquerque |
91.2 |
Portland |
106.7 |
Seattle |
104.4 |
Source: R.S. Means Co., Layton Construction Co. |
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- Building construction costs are lower in Utah than in most other Western states.
- Utah has more than 100 industrial parks.
- Utah has two university-affiliated research parks.
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