Skip to main content Skip to footer

2022 Q1 Salt Lake County Retail

Download Report
FrontPic_SLCoRetail

“A new nationwide report is outlining the potential path for economic recovery this year as the pandemic continues for a third year. The group of economists and scientist say the recovery will be driven by several recent trends including supply chain disruptions, increased household savings and the growth of online shopping. In the Mastercard Economics Institute’s annual report, economists are predicting a shift to some pre-pandemic spending habits this year. For example, as international travel borders reopen and ease restrictions, the report anticipates a return to what they call the ‘experience economy,’ which means spending more money on experiences and even services instead of goods.” -- Kirstin Garriss, CMG Washington News Bureau

Vacancy continues to be very low which is helping drive up lease rates.  Under construction projects are still seeing delays in completion due to material supply and transportation to destinations.  Yet, national tenants are still actively expanding, and brokers are working to find the perfect space as retail continues to grow as we come out of the pandemic.

Key Takeaways

·A shortage of available product is driving up lease rates as landlords try for longer lease terms and higher escalations.
·As tenants continue to struggle to hire enough staff, many have faced delays in opening new stores or had to adjust operating hours.
·Supply chain delays continue to stall construction, and increasing prices have brought inflation to record levels.

SitecoreImage

2022 Q1 Salt Lake County Retail

Download Report
Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

View expert