Downtown Alliance, CBRE, and Salt Lake City hosted a “State of Downtown” media roundtable, releasing two reports about the urban center.
The State of Downtown Economic Benchmark Report offers a comprehensive analysis of downtown Salt Lake City’s economy including office space, retail and residential development to local media.
The Attitudes and Perceptions of Downtown Regional Survey Results catalogs regional attitudes, accomplishments & objectives. Links to both reports can be found below.
The Alliance has produced both reports for over six years, allowing for statistics to be benchmarked and compared year-over-year.
The three main takeaways from this year’s studies were:
The need for continued housing development in all income brackets. While still relatively affordable compared to other downtown across the country, downtown Salt Lake City is beginning to feel the growing pains of a rapidly expanding urban center. “We still need housing at all levels to be developed downtown,” said Downtown Alliance Executive Director Jason Mathis.
Record retail sales lead by restaurants and nightlife. Retail sales totaled 865.3 million in 2017. This record number was largely fueled by restaurant and bar sales, a slight shift from soft goods and department store sales from previous years
Downtown’s role as a growing tech hub and revitalization of vacant spaces. Both start-up and expanding tech companies are locating to formerly vacant historic office buildings and underutilized retail spaces. Tech companies are choosing downtown to attract a diverse workforce with amenities and cultural experiences that can’t be found in the rest of the state.