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Market Report

Salt Lake City Retail Market Report

2Q 2023

Consumer Resilience Aids Tight Conditions;
Improving Office Usage Draws Leasing Activity

A strong local economy supports historic vacancy. Despite recent turbulence in the tech sector, the Silicon Slopes and the metro at large retain a strong economic outlook in 2023. By year-end, the metro will record one of the 10 fastest employment growth rates among major U.S. markets, while the median household income expands at the fifth-fastest pace. Although inflation and higher borrowing costs are tempering the rate of these gains compared to last year, consumer spending growth for 2023 will register more than 200 basis points above the national average, aiding tenant demand. This helps vacancy reach the fifth lowest position among major markets in 2023. Over the next five years, local population expands by roughly 5 percent, ranking among the top eight fastest-growing metros in the nation, benefiting the long-term retail demand outlook. 

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