Central City, the core residential and commercial area in Salt Lake City, is a district in North East Salt Lake City just east of Downtown.
Salt Lake City continues to be a prime target for growing businesses looking to capitalize on the abundance of young, educated, tech-savvy workers flocking to the area. Salt Lake City’s workforce that is younger and more educated than the national average. Nearly 24% of Salt Lake City’s population is aged 20-34, compared to around 20% across the US. The percentage of college-educated residents is 10% higher than the national average.
Salt Lake City’s economy is one of the country’s most dynamic, and competes with the likes of Austin, Boston, Washington DC, and others for the title of next big US tech hub. Over the course of 2018, the Salt Lake MSA has enjoyed a 2.3% job growth rate, well above the 1.7% national growth rate. This expansion, coupled with low unemployment numbers, have spurred demand for office space, tightened competition, and encouraged new construction.
Central City Office Space | Lease Data and Trends
Central City is part of Salt Lake City’s Central Business District, and houses a majority of the available office space for lease.
Central City and Downtown combine for nearly 10 million square feet of office space for lease, with a vacancy rate of around 15 percent. Asking rents for Class A office space hover around $33 per square foot, while Class B office space for lease costs on average $25 per square foot.
What Brokers Say About Central City Office Space for Lease
Central City comprises the area from east of Downtown Salt Lake City along South Temple Street past the University of Utah until 1300 South. Central City is very walkable and bikeable, and though many people there choose to get around by car, the district also offers a wide variety of public transportation options for residents and those just passing through. For example, the UTA TRAX University light rail line, operated by the Utah Transit Authority like most of the city’s public transportation, provides transportation along 400 South. The Salt Lake City bus system also runs in this area. The Bus system provides paratransit service for riders who have disabilities. Central City is just a 15-minute drive from the Salt Lake City International Airport and a 25-minute drive from the South Valley Regional Airport.
Once a business is established or expanded into Central City, it’s time to find out what else the district has to offer. Though Central City is in close proximity to Downtown Salt Lake City and all its amenities, one does not have to travel outside the district to find good places to eat. For some tasty pastries, visit Mrs. Backer’s Pastry Shop; to enjoy some Thai food, look up Sawadee; for an excellent lunch destination, eat at Even Stevens Sandwiches; to find some good old fashioned American cuisine, visit Faustina.
Central City also provides plenty of places to go for fun. For example, Liberty Park comprises 80 acres of tennis courts, hiking trails, a cafe, and playgrounds. Music-lovers can hit up the Urban Lounge to hear indie bands every night of the week, and film enthusiasts can see the work of up-and-coming directors at Tower Theater with the Salt Lake Film Society. Former transportation hub Trolley Square provides the best shopping opportunity in the district; find good foods, everyday needs like banks and grocery stores, and high-class boutiques. One of the most beautiful places in Central City is the Gilgal Sculpture Garden. Visitors can enjoy 12 sculptures and numerous stones featuring scriptures, poems, and other texts.
Salt Lake City’s key industries are government, trade, business, and health services. The city is home to the largest healthcare provider in the Intermountain West, Intermountain Healthcare; two Fortune 1000 companies, Zions Bancorporation and Questar Corporation; and the headquarters of AlphaGraphics, Smith’s Food and Drug, Myriad Genetics, Sinclair Oil Corporation, and Overstock.com. Salt Lake City is part of what is known as Silicon Slopes because of its high number of high-tech companies, and in 2017, Forbes even named Salt Lake City the “next tech mecca.” Some key technology companies located in the city include BambooHR, Jive Communications, InsideSales.com, Domo, and ZipBooks. Also worth noting is the Salt Lake Chamber’s resources for small businesses that provide programs, information, and advocacy for small business owners.
Central City History
The Shoshone, Ute, and Paiute Native Americans were the first to live in the Salt Lake City region. Jim Bridger is considered the first United States explorer to see the area when he went there in 1825. The Latter-day Saints were the first permanent settlers besides the Native Americans. They arrived on July 24, 1847. Soon after their arrival, they began planning the construction of the Salt Lake Temple, which is located in the area now known as Downtown Salt Lake City, just east of Central City. In 1856, Utah’s capital moved from Fillmore to Salt Lake City.
More settlers flocked to the area when the First Transcontinental Railroad was built in 1869, making transportation easier. Transportation options continued to increase with the creation of the city’s streetcar system in 1872. The city’s population tripled between 1900 and 1930 thanks to copper mining and oil. Hosting the 2002 Winter Olympic Games helped the city increase its population, tourism, and profits.The Central City Historic District joined the National Register of Historic Places in 1996. Some resources consider Central City, along with the Bryant Neighborhood, part of the larger Salt Lake City East Side Historic District, which joined the National Register of Historic Places in 2002. Specific Central City sites listened on the National Register of Historic Places include the Fortunato Anselmo House, the Francis Armstrong House, the Simon Bamberger House, and the B’nai Israel Temple, to name a few.