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Market Report

Salt Lake City Retail Market Report

2024 Investment Forecast

Nationally Tight Shopping Center Vacancy, Robust
Single-Tenant Rent Growth Headline Momentum

Nearly every major submarket helping jolt performance. Salt Lake City entered this year with the tightest multi-tenant vacancy rate among major U.S. markets, made possible by extremely limited shopping center availability in practically every sizable retail area. Half of the 10 largest submarkets finished 2023 with local multi-tenant vacancy below 2 percent, including sub-1 percent rates in the CBD and South Valley. Salt Lake City’s robust economic growth trends — with the market’s population expanding by more than 160,000 new residents over the past five years — is spurring this level of tenant demand throughout the metro. That momentum is also influencing the single-tenant sector in a positive way, as Salt Lake City ranked in the top three markets nationally for segment rent growth last year. Notable gains occurred in the Central, East and West Valleys, as well as in Summit County. Strength in both the multi- and single-tenant sectors, meanwhile, should produce an overall vacancy rate that ranks as the nation’s fifth tightest in 2024, accompanied by the sixth-fastest pace of rent growth. 

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