Remote work and rising interest rates are pinching workspaces, but shopping, dining, entertainment and other attractions have lifted visits past pre-pandemic levels.
, which opened last year — are luring office tenants while older Class B and Class C office properties are seeing spaces languish.office environments boasting shared amenities, support services and flexible, often month-to-month, approaches to leasing.
Underutilized and older office properties in the city are being sold for demolition or for adaptive reuse as homes in light of soaring housing demand. The office downturn is not as pronounced so far as it has been in major coastal cities such as Los Angeles, Seattle or Portland, Ore. That appears to be partly due to a more diverse employment base — one less focused on specific sectors such as technology that have been more likely to allow and retain remote work.
People dance on the Gallivan Plaza in downtown Salt Lake City on Tuesday, May 30, 2023, for Big Band Dance Night.
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