Figures
Salt Lake City Retail Figures Q4 2024
January 29, 2025 5 Minute Read
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-The total availability rate remained stable at 3.9% in Q4 2024—58 basis points below the 5-year average of 4.5%. This represented a 0.1% increase quarter-over-quarter and a 0.2% rise from Q4 2023. Lifestyle Centers and Malls saw a 70-basis point increase year-over-year, while Power Centers experienced a 90-basis point decrease during the same period.
-The Salt Lake City retail market recorded 115,000 sq. ft. of negative net absorption in Q4 2024, bringing the year-to-date total to 50,000 sq. ft—down by 74.8% from the same period last year. Neighborhood, community, and strip centers collectively accounted for 134,000 sq. ft. of negative net absorption in 2024.
-The overall average net asking rent for retail in Salt Lake City remained relatively unchanged in Q4 2024 at $22.28, reflecting a 0.2% ($0.05) decrease quarter-over-quarter and a 4.5% ($0.95) increase year-over-year.
-High debt costs and ongoing economic uncertainty hindered new development in 2024. Consequently, new construction levels remained low, with only 297,000 sq. ft. of completions—a decrease of 11.1% compared to 2023. With minimal supply slated for delivery in 2025, the retail availability rate is likely to remain at record lows, leading to higher rents in the near-term.