A unique situation has unfolded in the industrial real estate market as we move through the year 2022. Retailers across the board are trying to adjust to supply chain whiplash and difficulty moving inventory by leasing industrial space. In Salt Lake City, the numbers tell the story of this situation through a continued  2% vacancy rate in our market. This makes available space increasingly difficult for tenants to find. 

The Salt Lake market has been very tight on space due to the robust Utah economy and the demand from businesses to ship goods to and through the state. The trend also exists across the country, with demand for space partially stemming from a “just-in-case” mentality rather than the “just-in-time” inventory method. The industrial market is on track to break records again this year. It will be interesting to follow the trends for how users change the scope of industrial real estate throughout the rest of the year.