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.
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 percent increase in retail spending. Utah Business
