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By contrast, office vacancies in suburban areas are much lower, especially in the southern part of the county, commercial real estate agents say. Parking is a big reason, said Greg Gunn, senior vice president of Coldwell Banker Commercial. Downtown tenants typically are allotted two parking spaces per 1,000 square feet of office space, at a cost of $60 to $120 a month per space.
By contrast, parking in suburban office parks is free, and tenants are given twice as many stalls for every 1,000 square feet of office, Gunn said.
Residential and office components of City Creek
Owner » City Creek Reserve, the real-estate arm of The Church of Jesus Christ of Latter-day Saints
Condominiums » 425 units in three buildings: 99 West (formerly Promontory on South Temple), The Regent at City Creek, Richards Court
Apartments » 111 units in City Creek Landing Apartments
Office space » 1.7 million square feet in eight buildings: Deseret Book Building, Gateway Tower West, Zions Bank Building, Kirton McConkie Building, World Trade Center at City Creek (formerly Eagle Gate Tower), KeyBank Tower, Social Hall Plaza, First Security Building.
Downtown, from its apartments and condos to office space and retail activity, City Creek’s impact on Salt Lake City hasn’t played out fully, several real estate experts said.
"It has made downtown very desirable, and it feels very desirable and alive," observed Coldwell Banker agent Angie Domichel Nelden.
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