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2022 Q2 Salt Lake County Retail

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“With historically low vacancy, mixed with historically low under-construction and high construction costs, existing retail product is becoming more valuable, and now is the time to invest.“ - Brandon Goodman, Executive Vice President

 

Vacancy remains low this quarter, though interest by clients outside who want to move or expand into Utah remains. Though building costs are high and lease rates are climbing though stabilizing, there is still positive market activity and absorption occurring.

 

Key Takeaways

 

·Tenants are pre-leasing under construction projects so quickly, they fill before construction completes.
·Lease rates continue to increase along with demand, and new construction rates also rise due to increased construction costs.
·Vacancy continues to dip to challenging levels but should remain stable as new construction completesalthough fully leased.

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2022 Q2 Salt Lake County Retail

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Related Experts

Megan Donnell

Research Manager

Salt Lake City - Millrock

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