There are currently 7.3 million sq. ft. of active industrial construction underway—a remarkable 5.3% of the entire market. Additionally, there are just under 5.5 million sq. ft. scheduled to deliver by the end of the year.
Over 564,000 sq. ft. of industrial space delivered in Q2—located in the California Avenue and Bluffdale submarkets.
Leasing activity was driven by larger users, including an 843,078-sq.-ft. lease in California Avenue.
Vacancy experienced a 70 basis point decrease from 3.7% to 3.0%.
The Salt Lake City industrial market absorbed 1.6 million sq. ft. on net in Q2 2020—a quarter-over-quarter increase of 179%. Just under 75% of this activity took place in the California Avenue submarket.