Salt Lake City Office Space for Rent
Salt Lake City is the capital of Utah and the core of a budding technology and entrepreneurship scene. Salt Lake City is “laid back like Seattle” . . . but with more sunshine; “folksy like Boston, [but] without a weird accent”; and has “theatres and restaurants like New York” . . . but has much more reasonable commercial rental rates. Salt Lake City has mass transit, business opportunities, events, nightlife, and tourism like a city but mountain views, recreational opportunities, and affordability like a place still undiscovered by the masses.
Salt Lake City has an interesting and varied economy. Major employers in Salt Lake City include the Salt Lake City International Airport, Sinclair Oil Corporation, the University of Utah, and Intermountain Healthcare. Two Fortune 1000 companies, Zions Bancorporation and Questar Corporation, are in Salt Lake City. Other key companies headquartered in the city are AlphaGraphics, Smith’s Food and Drug, Myriad Genetics, MonaVie, Creminelli Fine Meats, and Vehix.com.
Salt Lake City also has an impressive tech presence that has gained traction in recent years. In fact, CBRE Group, Inc., ranked Salt Lake City #3 on its list of tech talent momentum markets. Some key technology companies located in the city include BambooHR, Jive Communications, InsideSales.com, Domo, and ZipBooks.
Salt Lake City Office Space | Lease Data and Trends
Salt Lake City houses more than 58 million square feet of office space with more than 1.8 million currently under construction. Right now about 9% of the space is available for new renters. Overall, office space seekers can expect to pay an average of $23.23 per square foot to rent office space here, but that varies throughout the city. For example, office lease prices are slightly higher than the city average at just about $25.5 per square foot in Salt Lake City’s Central Business District. See the “Popular Neighborhoods” section for a breakdown of office spaces prices by neighborhood.
Office space for rent in Salt Lake City is pretty evenly split between Class A and Class B assets. Class A office spaces in this city cost an average of just over $27 per square foot to rent. Class B spaces have an average asking rent of around $21 per square foot.
What Brokers Say About Salt Lake City Office Space for Rent
Salt Lake City rests at the northeast corner of the Salt Lake Valley. The Great Salt Lake forms the northwest border, and the Wasatch and Oquirrh mountain ranges form the eastern and southwestern borders. The Jordan River cuts through the city. The streets in the city are arranged in a grid plan, so most streets run north-south or east-west. In general, the eastern city of the city is more affluent, and the western side is more affordable. The city contains a variety of well-known neighborhoods like Central City and Sugar House and also has many unofficial neighborhoods. Salt Lake City’s key industries are government, trade, transportation, professional and business services, and technology. Salt Lake City’s website offers information about business licensing, fees, permits, and taxes for business leaders and entrepreneurs interested in the area.
Though Salt Lake City is a growing hub for business and commercial success, it is also beautiful and provides many unique opportunities for those who live there. Locals can enjoy the view of the nearby Wasatch Mountains during the work week then go out and explore them on the weekends. Salt Lake City is known for its hiking, fishing, and skiing. Four world-renowned skiing destinations lie within a 30-minute drive of Downtown Salt Lake City: Alta, Snowbird, Brighton, and Solitude. In fact, the city hosted the 2002 Winter Olympic Games. One traveler’s guide explained Salt Lake City’s character well: “It is difficult to find any place on earth that marries the comforts, culture, and attractions of a metropolitan city with the trails, tranquility, and recreation of mountain living.”
Popular Neighborhoods to Rent Salt Lake City Office Space
Salt Lake City has a lot of character and variety, and its offerings are divided into multiple different neighborhoods. Before scouting out all the office space options, decide which particular area in the city sounds most appealing.
Downtown Salt Lake City
Downtown is the oldest district in the city and one of the nation’s quietest downtowns. Downtown boasts a healthy economy that has brought an impressive influx of residents and workers to the district. Goldman Sachs’ fourth-largest global office is here. The average direct asking rent for Downtown office spaces is just under $25.75 per square foot.
Central City is the core residential and commercial area in the city. This district offers an excellent location for those who wish to enjoy the perks of Downtown Salt Lake City for a reduced cost. Central City is considered part of the North East region of Salt Lake. Office spaces here cost an average of $22.70 per square foot.
Perhaps best known for housing the eponymous shopping center, Sugar House serves as not only a shopper’s dream but also an ideal place to live, in part because of its proximity to Downtown and its quiet neighborhoods. Renters can expect to find office space rental prices averaging just under $23.50 per square foot.
Getting to, From, and Around Salt Lake City
Most people living and working in Salt Lake City choose to get around via car. Two cross-country freeways, I-15 and I-80, intersect through the city, making it easy to travel quickly through the city or to neighboring cities. The city’s grid-patterned streets are numbered with north, south, east, or west designations, making navigation pretty simple.
The Utah Transit Authority (UTA) provides several different kinds of public transportation options for the city. All the services connect at the Salt Lake City Intermodal Hub—or the Salt Lake Central Station.
UTA’s buses serve as far as Brigham City to the north, Santaquin to the south, Grantsville to the west, and Park City to the east. UTA’s light rail system, TRAX, covers 44.8 miles, has 23 stations within the city, and has three lines: the Blue Line, extending from the Salt Lake City Intermodal Hub to Draper; the Red Line, running from the University of Utah to South Jordan; and the Green Line, which travels from the Salt Lake City International Airport to West Valley City, cutting through Downtown Salt Lake City on the way. UTA’s commuter rail, FrontRunner, operates from the Salt Lake City Intermodal Hub to Pleasant View. It has also recently been extended to reach other areas.
Four miles west of Downtown Salt Lake City lies the Salt Lake City International Airport. Passengers can travel to more than 100 non-stop destinations around the world. Two other airports, South Valley Regional Airport and Skypark Airport, are also available.
Salt Lake City is also a bicycle-friendly city. The city’s bike share program, GREENbike, lets users pay just $5 per day to access bikes at multiple stations throughout the city. The Intermodal Hub also features a Bicycle Transit Center where cyclists can park.