Retail woes rising in Utah along with vacancy rate
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But with the recession, consumers are spending less money because they do not know if they will have their jobs in the near future. Tate said that although the retail vacancy rate is lower in Utah than other states, construction will continue to stagnate in 2009.
"We have seen, honestly in this market, some churches take retail spaces," Tate said. "Some charter schools take retail spaces, even some office users. Maybe it's not as prevalent in other places. If you go to Houston, Texas, you have a church in every strip mall."
Salt Lake County landlords will have to get creative to attract tenants in 2009, Tate said, and they won't all be retail tenants.
Jobs in real estate may be affected, too. Tate didn't know of any layoffs at commercial brokerage firms in Salt Lake County in 2008, but said that all firms will examine expenses closely.
"For real estate agents and brokers, as things slow down, it becomes challenging, obviously," Tate said. "We make all our money with transaction, so fewer transactions means less money."
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Recent comments
I feel for you working a holiday, but you signed up for that...
Moneybags | Jan. 2, 2009 at 2:50 a.m.
I, too, work in retail and also appreciate when my store closes early...
Mandy | Jan. 1, 2009 at 10:40 p.m.
I didn't see long lines for returns...I saw people shopping.....
Anonymous | Jan. 1, 2009 at 9:25 p.m.
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