Article

Commercial Real Estate

May 6, 2013

BOYER: If I look at the different sectors of our company, the different divisions, and if I was going to identify an area that’s really struggled to come back the way that the office and the industrial has come back, it would be retail. It is lagging behind by a couple of years. There are still some select tenants coming into the market, expressing interest. And we are plugging them in.

But in terms of what retail is going to be in the future, we are all wondering. There are not nearly the number of new projects on the docket as there were previously with the Targets and folks like that. Everyone is still on the sidelines a little bit in terms of the larger new retail projects. So that is lagging behind all the optimism that we have heard today. Hopefully that will change.

PRISKOS: I just want to mention downtown, specifically Main Street. We have heard that City Creek is at 90 percent occupancy. Many of those new people that still want to be in and around City Creek are calling Main Street, and we don’t have space for them. We have three vacancies that are really truly available right now.

With the Utah Performing Arts Center being built on First South and Main, and Bruce’s proposed high rise, it’s interesting. We have the demand for retail but it doesn’t look like we will get some true retail space there, and five buildings are coming off the market that were retail buildings prior. So it will be really interesting to see what happens to retail, because there’s always been a push to continue retail down Main Street as it has been historically. 

We’d like to give a special thank you to Jeff Edwards, president and CEO of EDCUtah, for moderating the event.

 

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