DOWNTOWN ALLIANCE “STATE OF DOWNTOWN” REPORTS RELEASED

20 July 2017

Downtown Alliance, CBRE, City Creek Center and Salt Lake CIty hosted a “State of Downtown” media roundtable, releasing two reports about the urban center today. 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 these reports for over five years, allowing for statistics to be benchmarked and compared year-over-year.

The three main takeaways from this year’s studies were:
-The importance of experiences in defining a successful urban center. “People don't go to retail centers just to shop for products, they go to have an experience that is different than just clicking away on Amazon.com, said downtown alliance executive director Jason Mathis. “Successful retailers understand that and downtown is well served by City Creek Center, as well as quirky and unique small stand alone boutiques and the re-emergence of The Gateway with experiences that complement Vivint Smart Home Arena and other downtown options” Restaurants and bars lead all categories for retail spending in our district.  

-The continued interest people have for living in downtown Salt Lake City. One in four Utahns says they would be interested in living in our urban center. While apartments are being built in record time in and around downtown, there is still real demand for residential development in downtown. this impacts everything else.  

-The role of art and culture in sharing downtown's success. Our research indicates this is a key driver for vibrance and economic activity.  We always like to talk about downtown as a system, and the opening of 111 Main and Eccles Theater has continues the success of businesses Main Street, including City Creek Center, as well as the rest of downtown.  

These two reports, along with the Downtown Alliance’s Annual Report can be downloaded at:
https://www.dropbox.com/sh/qqbro0aum6r9i1k/AAD0B1bkFwGSvXzHAOYWQFc0a?dl=0

Previous Annual & Research Reports and Economic Benchmark Reports can be found at:
http://downtownslc.org/development/reports-data