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Market Report

Salt Lake City Retail Market Report

3Q 2022

Economic Expansion Supports Retail Real Estate;
Supply Shortage Affects Northern Counties

Strong economic growth bolsters retail demand. Salt Lake City has established itself as one of the nation's fastest-growing markets, placing within the top 10 for population expansion and household income growth, and claiming the second-lowest unemployment rate as of July. This economic development is attributed in no small part to the metro's rapidly-growing tech sector, with highly-skilled labor being brought in from nearby major markets. Recent robust growth has bolstered consumer activity, with sales jumping 16.6 percent over the previous four quarters ending in June. With a strengthening local economy and heightened consumer spending, the outlook for Salt Lake City retail assets is very positive.
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