• Leasing remained strong, particularly in the Southwest and Central West submarkets, following above-average residential growth.
  • Fitness and food were the most active tenant service industries, accounting for 25% and 14% of total leased sq. ft. in 2019, respectively.
  • Strong activity helped take back a number of empty big-box spaces, leading vacancy to decrease 40 bps year-over-year to 6.8%
  • The overall average asking rate decreased minimally to $17.95 NNN per sq. ft. due to the high availability of low-priced big-box spaces.
  • With no major expansions from large chains, new construction in Salt Lake was limited to mostly smaller in-fill shops and pads.
  • Despite global economic concerns, retail spending, consumer attitudes and local population growth drive a positive outlook for Salt Lake retail.