Market Report
Salt Lake City Retail Market Report
3Q 2026
Wasatch Front’s Existing Stock Draws
Expanding Retailers as New Supply Pulls Back
Tight conditions maintained. At 4.0 percent, Greater Salt Lake City entered the second half with the lowest vacancy among major Mountain and West Coast markets — despite local retail inventory growing by more than 1.3 million square feet in 2025. Pressure from new supply, however, is easing substantially. During the first half of this year, just 185,000 square feet came online, the lowest January-June tally on record. The active pipeline suggests this trend will continue in the near term. Combined with growth in the local consumer base, this has positive implications for property owners’ retention and backfilling efforts. As such, the metro’s retail sector is projected to record its 19th straight year of positive absorption, keeping vacancy below the long-term mean.
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