Salt Lake City Retail Market Report
Mild Pandemic Impact to Metro Economy Generates Optimism, Sustaining Investor Sentiment
Metro primed for a stable rebound as jobs return. Salt Lake City entered the year in an exceptionally strong position, recording the lowest unemployment rate in the nation among larger markets at 3.5 percent in December, setting the stage for recovery. A growing employment base coupled with robust in-migration and household formation trends support demand for retailers at a time when the industry is being transformed by shifting consumer trends and pandemic-induced difficulties. Following the delivery of more than 250,000 square feet in the first quarter of 2020, momentum has slowed as the pipeline thins out and construction challenges mount. Minimal competition from new supply will hedge against store closings and limited expansion plans by national and local retail tenants.