A squat rack squat rack which is mountable to an overhead support beam between respective walls above a floor of a room for a person to perform squat-type exercises. The squat rack includes a pair of barbell support frames each having a frame mount and a cradle adapted to retain one end portion of the lifting bar. Each support frame is comprised of a plurality of plate members, the cradle comprising a J-shaped member having an upper end portion, a lower hook, and a central portion disposed therebetween. The J-shaped member adjustably connects to a generally vertically-disposed surface of the frame mount at a plurality of vertical positions to facilitate use by persons of different heights. The suspended squat rack further includes a pair of mounting assemblies each comprising a clamp adapted to attach to a horizontally disposed flange which extends from a web of the overhead support beam. The clamps vertically secure the frame mount of one of the support frames to the support beam such that the cradle is disposed in parallel relation below the beam to support the barbells at generally shoulder height of the person for performing the squat-type exercises.