MOVE YOUR BUSINESS DOWNTOWN.

• Author: Ciaramella, Elainna

The city is undergoing a renaissance. Here's why you should relocate to Salt Lake City.

If you're thinking about moving your business to downtown Salt Lake City, you have the rare opportunity to capitalize on the city's urban renaissance. With lease prices averaging just $24.81 a square foot in downtown, Salt Lake City is more affordable than a number of competing states, including Denver ($34.62), Los Angeles ($42.60), Seattle ($43.18), Las Vegas ($29.76), Portland ($33.09), and San Francisco ($76.56).

WHY CHOOSE SALT LAKE CITY FOR YOUR HEADQUARTERS?

"If it's a small business that's looking at our competitors like Denver or Las Vegas, they will find more affordable lease rates in downtown Salt Lake City," says Dee Brewer, the executive director of the Downtown Alliance.

According to Mr. Brewer, there are significant benefits to locating downtown. Mr. Brewer pointed to the density of businesses centrally located downtown and the collaborative opportunities that may bring. "I have friends and entrepreneurs who, through rubbing shoulders and seeing people at lunch have forged business relationships. There's that ecosystem downtown that promotes collaboration and cooperation."

His advice is to take advantage of the density, diversity of audiences and the workforce, and to enjoy the creative components of the city. "Sign a long-term lease," he says.

Mr. Brewer, who's lived downtown for twenty years, said his wife was just remarking to him about the joy of living downtown. "She said, 'I love it. I rode my bike to work, then I went to an African dance class. Then, I rode to the farmer's market. I came home and that night we walked to dinner.' That is a way of life that is really attractive," says Mr. Brewer.

Bruce Bingham is the cofounder of Hamilton Partners, Inc., a real estate development company in the commercial office, industrial, and retail spaces in Salt Lake City. Hamilton Partners was involved in the construction of the 222 South Main building and it purchased several downtown landmarks, including the Boston and Newhouse Buildings, and the Broadway Center.

Mr. Bingham says the US economy is good and there are tax breaks available to businesses that encourage them to do more and do better. Interest rates are still relatively low and there's an air of optimism throughout the country. "There's not quite as much regulation. Banks aren't as stringent and credit is easier to find," says Mr. Bingham.

There's a great quality of life in Salt...