MARKET TRENDS
- Leasing reached 0.7 million square feet (msf) in Q2, above the 0.5 msf five-year average, with Southeast and Utah County North driving 63.9% of activity as sublease momentum holds
- Availability rose to 22.1% as sublease space reached 1.9 msf, and with more space returning to market, overall inventory is likely to remain elevated in the coming quarters
- Average asking rents fell to $26.91 per square foot as landlords offer modest concessions, with pricing likely to stay soft amid high availability and cautious demand