Welcome to the MattPage.net Blog

2013-07-30 18:39:29
Downtown Alliance Release 2012 Economic Benchmark
Downtown Alliance Release 2012 Economic Benchmark Report
 

Downtown Farmers Market: Open Tuesday Evenings in Pioneer Park
 
 
The Downtown Alliance and global real estate firm, CBRE, Inc., released the annual Economic Benchmark Report on Tuesday, July 16 at the Inaugural Downtown Symposium. The report presents facts about the downtown economy for stakeholders, property owners, civic leaders and residents to help gauge opportunities for improvement and growth within downtown.

Economic indicators in the study include: infill development, retail, employment and wages, office and housing market conditions. The impact from entertainment, culture, conventions and tourism is also highlighted. This edition of the benchmark study, recently cited in a New York Times article, collects historic data to highlight trends and growth within the 1.08 square mile district, with a focus on the 2012-2013 budget year.

“Salt Lake City’s commercial real estate market continues to reflect a strong local economy. Healthy job growth is creating a substantial amount of demand for office space, and this growth is expected to continue, resulting in a very positive outlook for the office market,” said Mark Bouchard, Senior Managing Director, CBRE.

“With regard to the retail market, the addition of City Creek has created renewed vitality along Main Street, attracting new retailers to downtown. As one of the few areas that can accommodate large amounts of near-term growth, the outlook for downtown is very bright indeed.”

An important fact highlighted in the Times article, gleaned from this study, is the impact of the $1.5 billion City Creek Center mixed-use development project. In its inaugural year, the center injected $209 million in sales to the downtown economy, resulting in a 36% increase in retail spending.

According to the report, one of the indicators of success in a downtown area is infill development, which helps increase traffic congestions, save open space and promote vibrancy and density. In 2012, infill development continued at unprecedented levels. Total project value either under construction or set to break ground in 2013 is over $793.6 million. 'We appreciate what Salt Lake City has done to support development and encourage investment in our downtown,” said Jason Mathis, Downtown Alliance Executive Director. “We share a common vision in the redevelopment of surface parking lots and increased urban density, a vision that will continue to progress by making development easier and more profitable in downtown.'

Continued investment in downtown is expected. Projects such as 101 Tower, 111 South Main, several housing developments and The New Performing Arts Center are in various stages of planning and construction. Potential projects, such as a large convention center hotel, could increase investment in downtown, as well as bolster employment and tourism.

The Benchmark Study can be downloaded at:

https://www.downtownslc.org/workslc/economic-benchmark-study



Read more: Utah Policy - Downtown Alliance Release 2012 Economic Benchmark Report

 
Blog Archive
2017-01-09 11:59:35
2017 Housing Forecast

2016-11-15 12:22:00
MP Perfomance Group - Salt Lake County 2016 3rd Qu

2016-09-20 16:18:42
We Specialize in Real Estate

2016-08-16 10:09:06
Bites in the Heights

2016-06-28 15:18:05
Cold Summer Treats

2016-06-13 14:18:46
What to do Summer of 2016 in Salt Lake City

2016-02-25 15:43:34
Smart Homes

2016-02-09 16:22:32
2016 Salt Lake Housing Forecast

2016-01-02 20:56:53
6 Lessons Monopoly Can Teach You About Home Buying

2015-12-30 12:38:36
Ski Home near Little Cottonwood Canyons

2015-12-18 10:10:01
How the Fed Rate Hike will affect Housing

2015-12-14 16:13:35
New Government Regulations and How They Affect You

2015-10-08 10:45:10
Trunk or Treat in Cottonwood Heights

2015-10-06 11:13:52
Great Eats and Shopping in the 9th and 9th

2015-09-11 15:00:19
The Ultimate Ski Getaway

2015-08-19 14:55:03
Welcome Our Newest Team Member

2015-07-31 16:38:08
Whats Happening in Salt Lake City this August

2015-07-31 15:48:11
The Rise of the Backyard Farm

2015-07-01 14:53:07
Events around SLC in July

2015-06-23 16:40:39
Fireworks and Events for the 4th and 24th

2015-04-14 15:05:49
Salt Lake City Watering Information

2015-02-20 11:09:43
Why to List Your Home Today

2015-01-20 16:57:16
CES 2015 Best of for your Home

2014-11-06 15:11:24
New Build Projects in Little Cottonwood Canyon

2014-09-26 13:24:42
Local Market Update - Summer 2014

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.