Salt Lake City Retail Market Report

Demographic tailwinds in place. Routinely robust in-migration into Salt Lake City is benefiting retailers and shaping new residential nodes. In some cases developers are pursing large scale mixed-use projects designed to emulate the residential density, job drivers, and entertainment options of downtown areas. Prominent examples include the planned-300 acre redevelopment of the former Geneva Steel Works known as Utah City as well as Daybreak in South Jordan, which recently completed its first phase. In addition to new retail space envisioned for both areas, access to commuter rail could affect foot traffic across the greater Provo-Orem area, where retail vacancy was already under 4 percent ending 2025. While vacancy is comparatively elevated in the market’s traditional downtown, entering 2026 at 5.6 percent, plans are underway to bring in future foot traffic. The Salt Lake Temple will reopen this year, and a more formal entertainment district is being considered for around Delta Center. The apartment construction pipeline here is also the largest in the metro. Ambitions from Intermountain Health for a new hospital campus would only serve as an additional catalyst.