Figures
Salt Lake City Retail Figures Q1 2025
April 23, 2025 5 Minute Read
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-Retail availability concluded Q1 2025 at 4.2%, slightly below the 5-year average of 4.5% and up 0.5% year-over-year. Malls and lifestyle centers recorded the highest availability rate at 8.5% in Q1 2025. Availability in neighborhood, community, and strip centers saw a 110-basis point (bps) increase year-over-year but tightened over the past five years, decreasing by 260 bps.
-The Salt Lake City retail market recorded 303,000 sq. ft. of negative net absorption in Q1 2025, with neighborhood, community, and strip centers collectively accounting for 116,000 sq. ft. of negative net absorption due to suburban move-outs.
-The overall average net asking rent for retail in Salt Lake City ended Q1 2025 at $22.30, reflecting a 1.8% ($0.40) increase quarter-over-quarter and a 0.8% ($0.17) decrease year-over-year.
-High capital costs and economic uncertainty hindered new ground-breakings in recent quarters, resulting in only 15,000 sq. ft. of completions in Q1 2025, down from 48,000 sq. ft. in Q4 2024. Low levels of new construction are expected to keep retail fundamentals tight, but economic uncertainty, including tariff policies, may slow decision-making in the near-term.