Downtown SLC Economic
Benchmark Report

MAY 2025

Thumbs Up Salt Lake City!

Our 2024 data demonstrates growth in customers, visitors, workers, residents & event ticket sales.

  • ① Downtown Salt Lake City’s value proposition for employers, developers and entrepreneurs remains strong. The young, educated talentforce of 1.1 million workers within 60 minutes of downtown is a conversation starter. And Utah’s elite economy, business friendly environment, and quality of life certainly sweeten our appeal.

  • ② Downtown SLC has enviable accelerating forces lined up in its path. A $4 billion investment has been assembled to develop a Sports, Entertainment, Culture and Convention district for Utah’s NBA and NHL franchises. The Salt Palace Convention Center is entering a generational redevelopment to accommodate more high-spend visitors. And Salt Lake City is polishing its world class facilities to host the Olympic Winter Games (again!) in 2034.

  • ③ As one of the nation’s best-performing mid-size cities, Salt Lake City is not only building momentum — it’s building a downtown ready for the next generation of talent, tourism, and transformative investment.

Downtown Customer Days Increased Again in 2024

Visitors, workers and residents fuel the downtown SLC economy. Downtown customer days increased 3.6% YoY in 2024. 63% of those days were created by visitors followed by downtown workers (30%) and downtown residents (7.5%).

What is a downtown customer day?

When someone spends more than 90 minutes downtown, the Alliance counts them as a customer. We use mobile phone data to measure three types of customers: downtown residents, downtown workers and downtown visitors (people that do not live or work downtown).

20.9M Total
Customer Days
↗3.6% YoY

Top Customer Days

In 2024, the 36 days that had the highest downtown visitation were highly correlated with days which had major conventions, events at the Delta Center, and performances at Abravanel, Capitol, Rose Wagner and Eccles theaters.

had conventions at the Salt Palace and major hotels.

83%

had events at the Delta Center.

71%

had 4 or more events at Abravanel, Eccles, Capital & Rose Wagner theaters.

63%

Total Tickets Sold at Performance Venues

$4.05M tickets sold: AN 18.4% increase year-over-year

Who is Living Downtown?

When compared to Wasatch Front residents, Downtown residents are younger, less likely to be married, more likely to have a college degree, and less likely to have a car. The number of residents downtown grew 27.5% last year and is projected to grow another 28% by 2030.

Downtown worker days increased 10.5% YoY in 2024 as employees chose – and employers required – more team interaction in the office. Workers’ time in the office is projected to increase 10% in 2025: a positive trend for restaurants, merchants and office leasing.

Customer Opportunities Worth Watching

We are bullish on retail concepts targeting downtown’s young professional residents–think personal health, fitness, pet care, and other services.

We see opportunities for food & beverage operators that capitalize on the growing audience for downtown sports, entertainment, and arts. Total ticket sales for downtown events were up 18.3% over 2023. We expect further attendance growth with the new NHL Utah franchise and the $4 billion investment in the entertainment district downtown.

Retail

  • Downtown Taxable Sales for 224 graphic

Retail Rents are up; vacancies vary between traditional and mixed-use inventory

Downtown residential, worker and visitor populations are growing — stoking demand for retail and services. Vacancies for traditional downtown retail space in anchored shopping centers are at the lowest point since 2019. However, vacancies are significantly higher, on average, in downtown residential mixed-use projects. Average starting rents for retail spaces city-wide were $26.36 (yearly PSF NNN) in 2024, up 19.6% over 2019.
Rates below are SF-weighted.

Downtown’s shopping and nightlife offerings includes 221 bars and restaurants and 204 merchants including local favorites and international luxury brands.

Office Market

Workforce

Percentage of adults holding a bachelor’s degree or higher.
NATIONAL AVERAGE: 35.7%

EducatioN

53%

Downtown
Salt Lake City

49%

Denver

37%

Reno

34%

Boise

30%

Phoenix

60 minutes from downtown Salt Lake City

Workers

Residents
(aka customers!)

80%

of Utah’s population

Visitor Economy

Transportation

SLC International Airport

» 338 daily departures serving 100 non-stop destinations.

» 14 airlines

» Delta Airline’s Mountain West Region hub

» 28.4 million annual passengers

» 100 non-stop destinations including 13 International flights including Asia and Europe.

» Named best airport in North America by Airhelp.

Utah Transit Authority Downtown Connections

TRAX light rail service from the airport every 15 minutes TRAX and Frontrunner rail service from University of Utah, Provo, Lehi, Draper, South Jordan, Farmington and Ogden

Emerging Districts & Investments

  • Sports, Entertainment, Culture & Convention District

    Sports, arts, culture and convention district

    The Utah Jazz and Utah Mammoth will anchor this $4 billion investment. It will include new hotels, convention facilities, and arts organizations.

  • Rio Grande Neighborhood

    Rio Grande Neighborhood

    This SLC Community Reinvestment Agency’s project proposes a new Downtown neighborhood on 11 acres between the landmark Rio Grande Depot and Intermodal Transit Hub.

  • A Public Private Partnership & Public Building in Pioneer Park

    A Public Private Partnership & Public Building

    Downtown Alliance and Salt Lake City are actively pursuing initiatives in Pioneer Park. Daily activations managed by on-site Ambassadors are planned as is a public building to house the Downtown Farmers Market and other programming. SLC Public Lands is adding pickleball courts, water features, gardens, and upgrading the basketball courts, play areas, and the dog run. This is a bold investment to activate the park and make it safe for all.

  • A Modernized Convention Center

    A Modernized Convention Center

    The Salt Palace Convention Centers will undergo a generational rebuilding to accomodate more high-spend visitors. The new center will have more versatile space and a second ballroom, improved accessibility and amenities–positioning Salt Lake City for continued growth in conventions, room nights, visitor spending and economic development.

  • A Six Month Open House at Historic Temple Square

    A 6 Month Open House at Temple Square

    The walls around historic Temple Square have come down and new visitor centers and gardens are taking shape. As renovation of the Temple are completed in 2027, The Church of Jesus Christ of Latter-day Saints will open the temple to the public during a 6 months open house. Church officials anticipate 3-5 million visitors will tour the temple 12 hours a day, 7 days a week from April to September. With an estimated 22,000 daily visitors, the Alliance estimates $320 million in additional spending at downtown merchants, restaurants and venues.

  • 2034 Olympic Winter Games

    2034 Olympic Winter Games

    The Winter Olympics are nine years away. In addition to the entertainment district investments and other new hospitality amenities, Salt Lake City is exploring infrastructure improvements to welcome the world back downtown and support longterm visitation and economic development. These include a Green Loop around downtown, Main Street beautification, enhancing the “grand boulevards” 500 South and 600 South connections to Interstate 15 and developing the Rio Grande neighborhood.

Development Pipeline

  • Raven One

    Raven One

    Residential | Mixed Use | Cumming Capital Management | Preconstruction

  • The Wade Building

    The Wade Building

    Hotel | Mixed Use | The Wade Family | Preconstruction

  • Seraph

    Seraph

    Office-to-residential conversion | 2025

  • The Edison

    The Edison

    Residential/Mixed Use | J. Fisher Cos. | July 2027

Praise for Downtown SLC

  • Milken Institute

    #3 Best Performing City

  • Airhelp logo

    #1 Best Airport in North America

  • This Old House

    #1 Best Places for a Fresh Start

  • State Farm

    #1 Most Fiscally Fit City

  • Travel + Leisure

    #2 Friendliest City

  • Resonance

    #24 America’s Best City

  • US News and World Report logo

    #1, Best State in the Country
    #33, Best Place to Live

  • Best Places

    #3 Best Places for Thanksgiving

  • Lending Tree

    #6 Most Kid Friendly

  • WalletHub Logo

    #11 Best State Capitols

    #3 Best Place to Find a New Job

    #1 Coffee Shops per Capita

    #3 Best City for Young Professionals

Thank You to Our Economic Benchmark Report Sponsors

Fidelity Investment logo

Report Acknowledgements

Data sources: CBRE Research, Kem C. Gardner Policy Institute, Mountain West Commercial Real Estate, Salt Lake City Airport, Utah Transit Authority, Visit Salt Lake, Placer.ai

Compiled and Written: Downtown Alliance staff

Graphic Design: 8TH Grade English

Special Thanks: CBRE and Sierra Hoffer, Field Research Manager and Erin Laney-Barr, Managing Director

Thank you to the Downtown Alliance Advisory Board: Chloe Gehrke (Chair), Lyonis Management; Benjamin Brown (Vice Chair), Fidelity Investments; Allison Behjani (Immediate Past Chair), Ray Quinney & Nebeker, Kim Abrams,Goldman Sachs; George Arnold, Hamilton Partners; Tracy James, Boyer Company; John Dahlstrom, Wasatch Commercial Management; Michael Dehner, PRI; Mark Powell, Delta Center; Nico Bamberger Priskos, Internet Properties; David Harris, City Creek Center/Taubman; Amy Leininger, RUIN; Chris Kirk, Colliers; Nadia Letey -CBRE, Garrett Parker -Hilton, Ana Valdemoros, Argentina’s Best Empanadas; Wendy Leonelli, JFisher Co.; Kelsey Berg, LHM Company; Addie McNamara, Smith Entertainment Group