According to a report by KSL, Utah County saw more than 1.1 million square feet of positive office space absorption. Furthering the good news, it seems that both supply and demand are continuing to increase at the same time. At the end of 2016, 1.6 million square feet of high-end space was nearing completion, with large amounts of new space on the market quickly absorbed by new and expanding tenants.

In Salt Lake County, commercial development is strong, with growth levels expected to “be tempered somewhat” as the overall economy adjusts to market demand, explained Darin Mellott, southwest region director of research and analysis for commercial real estate firm CBRE.

Analysts feel that the dust will settle sometime around the middle of this year, which will give them a better picture of where things will be heading for Utah's economy. In fact, Mellot says the commercial real estate market has completely recovered from the Great Recession, and is in the process of catching up to pent-up demand.

He pointed out that he expects Utah's economy to remain strong for a good while yet.