An historic overview of office, industrial, and retail development and their recent demand drivers in Salt Lake City

Over the past few decades, Salt Lake City has experienced not only major residential growth, but also a commercial boom. Utah's economic success has translated into a vibrant commercial real estate market. While commercial real estate includes diverse building types among its asset classes, office, industrial, and retail represent the core of nonresidential, commercial real estate. This document provides an historic overview of construction supply and analyzes the demand drivers over the last decade for each of these three categories. Supply is represented by the number of square feet constructed and demand is categorized into office-using, industrial-using, and retail-using jobs based on the North American Industry Classification System (NAICS).