SALT LAKE CITY — Newmark Mountain West, the leading full-service commercial real estate brokerage in the Intermountain Region, has released its 2025 Year-End Market Report, an overview of the commercial real estate market in Utah, Nevada and Idaho.

“The Intermountain West spent 2025 optimizing its​ commercial real estate landscape, allowing demand drivers, investment activity, and development pipelines to come into better balance,” stated Amelia Wolfe, Director of Research Analysis with Newmark Mountain West. “With that groundwork in place, the market is set for accelerated growth across all property types and will outperform national trends moving into 2026.”

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Key Takeaways:

  • The state of Utah, and Salt Lake County in particular, continues to attract a deep bench of new and expanding retail tenants, underscoring the market’s long-term appeal even as conditions normalize. In Las Vegas, retail vacancy has seen a slight increase since 2024 after hitting a 15-year low of 4.6%. The market remains competitive with a consistent, but limited, new supply.
  • Industrial construction activity in Salt Lake County slowed throughout the year but saw a sharp increase in Q4. Deliveries increase near-term availability while setting the stage for longer-term balance. In Las Vegas, asking rents increased year-over-year across most building size categories, underscoring that landlords are still achieving pricing gains even as vacancy climbs and leasing activity moderates. In Eastern Idaho, industrial space under construction and construction starts increased while deliveries declined, suggesting additional near-term supply pressure that could influence vacancy and pricing.
  • In Utah, Class A office rents continue to command a premium, while Class B and C space faces greater pricing pressure amid tenant flight to quality. In Las Vegas, total office vacancy has held above 9.5%, with only modest year-over-year movement. This stability suggests the market is absorbing space incrementally.
  • For the multifamily market, supply pressure is easing as under-construction units fall sharply, even as inventory grows modestly, setting the stage for improved balance.

The full report is available at mwcre.com/market-reports

About Newmark Mountain West

Newmark Mountain West, an independently owned and operated member of the Newmark Licensee Group, delivers a comprehensive suite of commercial real estate services across Utah, Idaho, Nevada, Wyoming and Montana. With nearly 200 professionals in ten offices, the firm leverages Newmark’s (Nasdaq: NMRK) global platform to power every stage of the property life cycle for occupiers, investors, and developers.