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Salt Lake City Retail Figures Q3 2022

October 26, 2022

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‒ A rebounding retail market brought vacancy down to a 10-year low in Salt Lake County.
‒ Robust population growth in the Greater Salt Lake area increased demand for retail
space.
‒ Compressed available retail space and lack of available new construction caused lease
rates to jump over 18% year-over-year.
‒ Almost 95% of retail space under construction was already leased, meaning new
construction will not increase vacancy.
‒ Retail development is dominated by a few large-scale projects including Mountain View
Village in Riverton and Station Park in Farmington.
‒ High interest rates and an uncertain economic picture pushed investors to safer
property types, namely industrial and multifamily.