Mid-year lease rates for office space across Salt Lake County remained virtually flat, at $18.60 per square foot, down slightly from $18.70 per square foot during the same period last year.

"Although Salt Lake City's economy continues to outperform many other parts of the country, we are not an island," Wilmarth said. "The U.S. economy is significantly worse compared to Salt Lake City, but it's having a significant impact on us as national firms scale back expansion plans."

The flat leasing rates may be a concern for some landlords, but that trend doesn't necessarily point to "some sort of crisis," he said. "We've been at a ferocious pace for the last two-and-a-half years."

He noted that among the more high-profile office construction projects now underway downtown are the 222 S. Main building, the city's first high-rise in over a decade, and the highly publicized City Creek Center residential and business development.

Those projects will increase the supply of office space, he said, but they also are "going to create a more vibrant, 24/7 downtown."

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