SALT LAKE CITY—There is an overarching theme present in Utah's commercial real estate market—a strong local economy is continuing to generate demand. That's the perspective from CBRE, Utah, which says the state has strong fundamentals, and noted as an example, that during the second quarter of 2014 all market segments experienced a healthy increase in demand.

Office Market: Demand began to pick up in the Salt Lake office market during Q2 2014. Absorption, which is an indicator of market demand, totaled positive 304,718 square feet for Q2, a significant increase compared to Q1 2014 which totaled positive 90,080 square feet.

Though vacancy rates increased slightly to 13.1 percent, completed construction bringing vacant space to the market is the primary reason for this growth. Three Class A properties delivered during Q2 2014: 101 Tower—totaling 144,000 square feet—was completed downtown, and in the suburban market, Sandy Park Center 2—totaling 100,000 square feet—and Riverpark VII—totaling 72,000 square feet—were completed.