SCORECARD
________________________________________Where is "Downtown"?
Where is the "Commercial Heart" of Salt Lake
County?
Where is "Downtown"?
Where is the "Commercial Heart" of Salt Lake
County?
Downtown (also called a "central
business district" in British English) is a term used in
North America when referring to an inner city, usually
both in a geographical and commercial / community
sense.
A Central business district (CBD) (also
called 'Downtown' in American English) is the
commercial and often geographic heart of a city.
The Salt Lake City Downtown (CBD) is still #1,
but watch out!
Sandy and Knudsen's Corner (Cottonwood
Heights & Holladay) are closing fast!
The Lehi Alpine Exit is also going to develop into a
major rival to Sandy.
Thanksgiving Park - at the North End of
Thanksgiving Point - will have 710,000 SF of Class A
office space, and Xango already has 400,000 SF
completed.
Commercial Center Class A Office Space,
2007
City | Total Class A
Office Space (sq ft) |
Salt Lake City
CBD | 2,671,076 |
Knudsen's
Corner | 1,620,165 |
Sandy
City | 719,517 |
Note: - Cottonwood Heights and Holladay
both serve Knudsen's Corner.
Knudsen's Corner Class A Office Space,
2007
Building | Class A Office
Space (sq ft) |
Millrock | 489,000 |
Cottonwood Corp
Center | 473,533 |
Old Mill Corp Center
| 375,509 |
Blue Cross Blue
Shield | 222,000 |
Cowboy
Partners | 72,000 |
Old Mill Business Center
| 59,123 |
Sandy Class A Office Space,
2007
Building | Class A Office
Space (sq ft) |
Board of
Realtors | 103,000 |
Magellan | 135,273 |
South Towne Corp
I | 124,000 |
South Towne Corp
II | 124,000 |
Centennial
Plaza | 66,646 |
New Construction - Complete in 6
Months | |
Sandy Park Center
| 122,960 |
Jordan Valley Tech
Center | 105,000 |
Source: Commerce CRG, Jeff Rossi 2007
Driving radical change
- Genuine transformations take place on a
scale different from that of routine change programs-
and are much harder to pull off.
- Companies need discipline to handle the different
dimensions of a transformation. Two of the most
urgent challenges are setting appropriate aspirations
and mobilizing energy and ideas.
- Aspirations must be clearly defined, broken down
into digestible themes, made relevant, and
communicated in a compelling story.
- Ideas and energy make up the transformation
engine. Companies can unleash energy by using
proven catalysts.
Source: McKinsey & Company
How companies are marketing online:
- A McKinsey global survey of marketers shows
that companies are using digital tools-from Web
sites to wikis-most extensively for customer service,
least in pricing. Two-thirds are using digital tools for
product development, almost as many as are
advertising online.
- Respondents consider online ads to be as useful
for brand building as for direct response. Spending is
expected to increase on all types of online advertising
vehicles over the next three years.
- In 2010 just over half of all respondents expect
their companies to be getting 10 percent or more of
their sales from online channels-twice as many
companies as have hit that mark today. And 11
percent expect to be spending a majority of their
advertising budgets online by then.
- Most companies today don't integrate their online
and offline marketing efforts; companies that use
online tools across the full spectrum of marketing
activities are much more likely to do so.
Source: McKinsey & Company
More?
http://www.mckinseyquarterly.com/Marketing/Digital_M
arketing/How_companies_are_marketing_online_A_M
cKinsey_Global_Survey_2048
Managing your organization by the
evidence
- Executives, in their search for ways to make
organizations function more successfully, frequently
adopt simplistic solutions.
- A new analysis of more than 230 global
businesses shows that combinations of carefully
selected actions can be far more effective than one-
dimensional interventions.
- Although organizations tend to perform better
when they use specific practices to make employees
accountable, to set goals and priorities, and to
establish a performance culture, they achieve the best
results by undertaking all three simultaneously.
- Companies with a lot of organizational baggage-
the legacy, perhaps, of a strong culture or leadership
style-may need to modify this "base case."
Source: McKinsey & Company
More?
http://www.mckinseyquarterly.com/Organization/Strateg
ic_Organization/Managing_your_organization_by_the_
evidence_1829?gp=1
Invitation & Reminder
- The Josie Johnson Memorial Ride is about
cycling safety, awareness by motorists for cyclists on
the roads, and the responsibilities that cyclists have to
keep themselves safe and free from harm.
- Please also join with us for a casual ride from
Sugar House Park to Hollow Mill Park in Cottonwood
Heights.
- Saturday September 29th
- 10:30 AM
- Sugar House Park
- South Terrace
"Cyclists fare best when they act as and
are treated as operators of a motor vehicle."
- That is a good guide for how to ride, drive,
make laws and design roads.
- "Same Roads, Same Rights, And Same
Responsibilities"
- Safe routes to school:
- Local streets should be safe enough to ride for
kids to ride to school
- Obesity concerns for youth, physical fitness, make
this logical
- Expansion of striped bike lanes and warning
signs for motorists to be aware of cyclists
- Complete Streets:
- All new road construction and reconstruction must
be done with bicycles in mind: space for lanes and
striping must be included.
- Cyclists have to follow the laws just the same
way motorists must:
- No riding on sidewalks
- Ride with the flow of traffic, not against traffic
- Cyclists may ride no more than two abreast AND
may ONLY do so when no impeding the follow of
traffic on the road.
- Use lights at night
- Wear bright clothing when riding to help motorists
to see the cyclist.
- Common respect:
- Motorists need to respect cyclist's right to be on
the road, and
- Cyclists must respect the rules of the road that
govern their use.
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Greetings!
- Other Downtown?
- Who's #2
- Who is
coming up fast?
- Management Notes
- Economic notes
- This weeks leads
Bob Springmeyer
Bonneville Research
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Utah Economic Snapshot |
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Economic Snapshot - Twelve Months
FY2007
- Sales and Use Taxes (Gen Gov't)
+2.9%
- Individual Income Taxes (Education)
+12.4%
- Corporate Franchise Taxes (Gen Gov't)
+12.5%
- Motor Fuel Taxes (Transportation)
+5.9%
- Severance Taxes (Gen Gov't)
+0.5%
Source: Utah State Tax Commission, TC-23 Final
9/17/07
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Economic Notes: |
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- International Business Confidence
- Global business confidence held steady last
week, but at a very low level. After plunging in August,
sentiment remains consistent with an economy that is
very near recession. Assessments of present
conditions and expectations regarding the six-month
outlook are very negative; both falling again last week.
Sales are soft and pricing pressures have evaporated.
It is encouraging that while investment and hiring
intentions have also weakened, they have held up
much better.
- Risk of Recession
- The Moody's Economy.com probability of
recession rose sharply in August, reflecting the
turmoil in global financial markets. In August, the
probability of recession jumped to 40%, up from July's
15% and its highest since 2001. The risks to the U.S.
economy increased appreciably in August led by
tighter credit conditions, rising mortgage
delinquencies, turbulence in global financial markets
and weakening housing markets.
- Treasury International Capital Flows
- Net long-term TIC flows dropped to $19.2 billion
in July, compared to $97.3 billion in June.
- ABC News/Washington Post Consumer
Comfort Index
- The ABC News/Washington Post consumer
comfort index inched slightly higher to -15 in the week
ending September 16. The headline index has only
recovered a small portion of its mid-August dive. The
details of the latest report were mixed with the
economic and personal finances components
improving over the week. On the other hand, the
buying climate fell four points. While improving,
consumer sentiment remains fragile, but today's
decision by the Fed to cut interest rates may help over
the next few weeks.
- Federal Open Market Committee
- The FOMC lowered the federal funds rate by 50
basis points to 4.75%, and also lowered the discount
rate by 50 basis points, to 5.25%. The committee cited
tighter credit conditions that are weighing on the
housing market and the broad economy. The
committee also noted greater uncertainty since their
last meeting in early August. The FOMC did say that
inflation does remain a concern, however. With
today's statement, further rate cuts remain a
possibility. The decisions to lower the fed funds and
discount rates were unanimous.
- PPI
- Producer prices for finished goods fell by 1.4% in
August, due primarily to price declines among
finished energy products. Excluding food and energy,
core prices for finished goods rose by 0.2%, in line
with expectations. Energy prices fell sharply at all
levels of processing.
- CPI
- The seasonally adjusted consumer price index fell
0.1% in August, after increasing 0.1% in July and 0.2%
in June. A key contributor to this decline in consumer
prices was the energy component, which fell 3.2% in
August-its third consecutive month of decline. The
core index, which excludes food and energy prices,
increased by 0.2% in August, after increasing 0.2% in
both June and July. Over the past year, core CPI
inflation has run at a 2.1% rate, compared to 2.2% in
the previous two months. The readings were in line
with consensus expectations.
- The Conference Board Leading
Indicators
- The Conference Board index of leading indicators
fell 0.6% in August, the largest decline since the post-
Katrina 0.8% drop-off in September 2005. An upward
revision to July, from 0.4% to 0.7%, leaves the leading
index little changed over the past two months.
- State Personal Income
- U.S. personal income rose 1.2% in the second
quarter of 2007 and 6.4% over the year. First quarter
income growth was revised up to 2.5% from the
previously-published 2.2%. The first quarter figures
reflected bonus payments in the financial services
industry, which hit a record last year. All regions of the
country saw personal income growth slow over the
quarter.
- New Residential Construction (C20)
- Housing starts decreased 2.6% to 1.367 million
units in August, slightly above Moody's Economy.com
estimates. Housing permits decreased 5.9% during
the month. Expect the market to remain soft
throughout the year, even with the FOMC lowering the
fed funds rate target by 50 basis points.
- MBA Mortgage Applications Survey
- Mortgage demand increased 2.4% in the week
ending September 14. Purchase applications
increased 0.9% and refinance applications increased
4.6%. The increase in refinance applications is
expected with the negative fixed-to-adjustable
mortgage rate spread.
- NAHB Housing Market Index
- Homebuilders' view of housing conditions
continue to slide, with the NAHB's Housing Market
Index declining by two points to 20, the lowest reading
since the beginning of 1991. The housing market's
correction is nowhere near over.
- Chain Store Sales
- Chain store sales fell 1.1% in the week ending
September 15, more than reversing the gains of the
previous four weeks. However, year-over-year growth
held steady at 2.9% as comparisons eased
significantly and the ICSC described the sales
performance as mixed.
- Oil and Gas Inventories
- Crude oil inventories fell by an outsized 3.8 million
barrels for the week ending September 14, according
to the Energy Information Administration, below
expectations of a 1.5 million barrel draw. Gasoline
inventories rose modestly by 0.4 million barrels,
beating expectations. Refinery activity disappointed
again, falling from 90.5% to 89.6%, below
expectations. Distillate supplies rose by 1.5 million
barrels, above expectations. This report is bullish.
- Weekly Natural Gas Storage Report
- Underground storage of natural gas increased by
63 billion cubic feet during the week ending
September 20. This figure came in slightly below
expectations. Inventories currently stand 8.2% above
the five-year average. This report will have a slightly
bullish influence on prices.
Source: Economy.com, Financial Times 2007
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This Weeks Leads |
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- Krikorian Premiere Theaters
- Krikorian Premiere Theaters, LLC trades as
Krikorian Premiere Theaters.
- The eight-unit chain
operates locations throughout CA.
- The movie
theaters occupy spaces of 40,000 sq.ft. to 120,000
sq.ft. in freestanding locations and malls, as well as
entertainment, mixed-use and power centers, in
addition to urban/downtown areas.
- Plans call for
two to three openings nationwide during the coming
18 months.
- Typical leases run 30 years with
options.
- A vanilla shell and specific improvements
are required.
- Preferred demographics include a
population of 100,000 within three miles earning
$50,000 as the average household income. Send site
submittals to:
- George Krikorian,
- Krikorian
Premiere Theaters, LLC,
- 2275 West 190th Street,
Suite 201,
- Torrance, CA 90504;
- Web site:
www.kptmovies.com
- Cinnabon
- The
dessert shops occupy spaces of 200 sq.ft. to 600
sq.ft. in malls, entertainment and lifestyle centers.
- Plans call for 75 openings nationwide during the
coming 18 months.
- Typical leases run 10 years.
- A vanilla shell and specific improvements are
required.
- Preferred cotenants include Dillards and
Sears.
- Preferred demographics include a
population of 50,000 within three miles earning
$60,000 as the average household income.
- For
more information, contact
- Mark Whittle,
- Focus Brands,
- 200 Glenridge Point Parkway,
- Atlanta, GA 30342;
- Web site:
www.focusbrands.com.
- Valvoline Instant Oil Change
- Ashland, Inc. trades as Valvoline Instant Oil
Change.
- The 825-unit chain operates locations
nationwide.
- The automotive service centers
occupy spaces of 1,900 sq.ft. to 2,500 sq.ft. in
freestanding locations and mixed-use and power
centers.
- Growth opportunities are sought
throughout the existing markets during the coming 18
months.
- Typical leases run 25 years.
- Preferred cotenants include Kroger and Target.
Major competitors include Jiffy Lube.
- A land area
of 30,000 sq.ft. is required for freestanding units.
- Send site submittals to:
- Dennis Hill,
- Ashland, Inc.,
- 3499 Blazer Parkway,
-
Lexington, KY 40509.
- Popeye's Chicken & Biscuits
- Popeye's Chicken & Biscuits operates 1,870
locations nationwide and internationally.
- The fast
food restaurants occupy spaces of 2,000 sq.ft. to
3,000 sq.ft. in freestanding locations and inline
centers.
- Growth opportunities are sought
nationwide during the coming 18 months.
- Send
site submittals to:
- Bill Easterling,
- Popeye's Chicken & Biscuits,
- 5555 Glen Ridge
- Connector Northeast, Suite 300,
- Atlanta, GA
30342.
- Solstice
- Solstice, a 110-unit chain, operates locations
nationwide.
- The stores, offering high-end
designers sunglasses, occupy spaces of 800 sq.ft. to
1,200 sq.ft. in malls, lifestyle centers and
urban/downtown areas.
- Plans call for 40
openings nationwide during the coming 18 months,
with representation by Robert K. Futterman &
Associates.
- Send site submittals to:
- Robert Draizen,
- c/o Robert K. Futterman &
Associates,
- 521 Fifth Avenue, 7th Floor,
- New
York, NY 10175;
- Web site: www.rkf.com
- Flowerama of America
- Flowerama of America, Inc. trades as Flowerama
of America.
- The 100-unit chain operates locations
nationwide in 28 states.
- The florist centers,
offering fresh flowers, gift items, accessories and
houseplants, occupy spaces of 1,200 sq.ft. to 3,000
sq.ft. in freestanding locations.
- Plans call for 15 to
20 openings throughout the existing markets during
the coming 18 months.
- Typical leases run five
years with three, five-year options.
- Chuck
Nygren,
- Flowerama of America, Inc.,
- 3165
West Airline Highway,
- Waterloo, IA 50703;
- Web site: www.flowerama.com
- Johnston & Murphy, Journeys and
Journey Kidz
- Genesco, Inc. trades as Johnston & Murphy,
Journeys and Journey Kidz. Johnston & Murphy
operates 154 locations nationwide.
- The stores,
offering upscale men's shoes and accessories,
occupy spaces of 1,500 sq.ft. to 2,500 sq.ft. in malls,
lifestyle centers, airports and urban/downtown areas.
- Plans call for 18 openings throughout the existing
markets during the coming 18 months.
- Typical
leases run 10 years.
- Preferred cotenants include
Banana Republic, Brooks Brothers and Jos. A. Bank.
Journeys operates 800 locations nationwide.
- The
shoe stores occupy spaces of 1,500 sq.ft. to 3,000
sq.ft. in malls, lifestyle, outlet and value centers.
- Plans call for 75 openings throughout the existing
markets during the coming 18 months.
- Preferred
cotenants include Aeropostale, American Eagle,
Pacific Sunwear and Zumiez. Journey Kidz operates
90 locations nationwide.
- The children's shoe
stores occupy spaces of 1,200 sq.ft. to 1,600 sq.ft. in
malls.
- Plans call for 80 openings throughout the
existing markets during the coming 18 months.
- Preferred cotenants include Build-A-Bear,
Children's Place and Gap Kids. Send site submittals
to:
- David Stuck,
- Genesco, Inc.,
- 1415
Murfreesboro Road, Suite 606,
- Nashville, TN
37217;
- Web site: www.genesco.com
- Rib Crib BBQ & Grill
- The Rib Crib BBQ, Inc. trades as Rib Crib BBQ &
Grill at 43 locations throughout AR, KS, MO, MT, NM,
OK and TX.
- The casual BBQ restaurants occupy
spaces of 4,000 sq.ft. to 6,000 sq.ft. in freestanding
locations, endcaps and lifestyle, power and strip
centers.
- Plans call for three to five openings
throughout the central region during the coming 18
months. Typical leases run 10 years.
- Preferred
cotenants include Home Depot, Lowes, Target and
Wal*Mart.
- Preferred demographics include a
population of 25,000 within three miles.
- A land
area of 1.1 acres is required.
- The company
prefers to locate in established areas or high-energy
new developments.
- Send site submittals to:
contact
- Seth Nimmo,
- The Rib Crib BBQ,
Inc.,
- 4535 South Harvard Avenue,
- Tulsa, OK
74135-2905,
- Web site: www.ribcrib.com.
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Josie Johnson Memorial Ride 2007 |
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