The Evolution of Retail Space in Downtown Salt Lake City
Read the entire whitepaper here.
A new whitepaper released by Mountain West Commercial Real Estate (MWCRE) shows that retail space is undergoing a transformation, as the greater downtown Salt Lake City continues to densify. Market wide, a noticeable and significant trend is older one- and two-story retail buildings being demolished and replaced with multifamily developments, many of which incorporate retail space into the ground floor of the development. The shift to mixed-use retail space is experiencing varied success, and developers will need to make important considerations to ensure retail spaces thrive in the changing landscape.
According to Andy Moffitt, senior commercial real estate specialist at MWCRE, “Developers should proactively plan retail spaces to reduce retrofitting costs and consider parking, tenant mix, and neighborhood consumer needs.”
