The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-12-26
REALTY INCREASE
CAUSES COMMENT
Property in Business District
Shows Big Gain in Value
Recently.
| Is ATTRIBUTED LARGELY
TO LACK OF EXPANSION
Choice Locations Alse Have
Something to Do With Sale
and Rental Values.

Considerable comment has been made
on the recent increase IN values of real
estate throughout Che city and especially
III the business district Attention is
called 10 the fact that prices charged
for business locations on lower Main
and State streets have jumped suddenly
to position far above those for which
the locations could be obtained rot long
ago and many complaints have been
heard from business men who wish TO
obtain places for carrying or business
Of high rentals and the prices charged /
for ground ON which TO erect new stores
1t IS pointed out by conservative bust
ness men, however. that the increase in
property values is Just exactly what
might be expected from the change in
conditions here within the past year or
two and from the usual e1pan sion Of the
area OF tho business district in that
line.
Several real estate men have shown
that for number Of years Salt Lake
CITY has been considered a city OF
homes. The great influx of new settlers
TO the city has increased the popula-
ton and enlarged the residence section.
On the other hand there has not been
the business district or tine erection OF
large business buildings fer many years
PRIOR 10 tho construction OF the New
house buildings. 1t was no uncommon
sight only three years ago TO find two
or three large firms crowded into one
office on Main street and business car
RED on under conditions which were ct
once inconvenient and without the stamp
or enterprise which marked CONNER
cial undertakings II many other local..
tics.
Erection Of New Buildings.
With the erection OF the Judge build
ing and tho Newhouse skyscrapers, this
became changed. Many business men
moved into the new quarters and found
the change so profitable that there took
place among the rest, almost n stampede
TO end better locations. The demand
for better business locations caused an
increase In rentals for the most desirable
locations on Main street The smaller /
merchants were unable to pay tho higher
rentals and moved away to State street
or TO the side streets.
Tho recent development or Third
South street as a shopping district is
only one of the important moves of the
smaller tradesmeD to secure locations
as near as possible to Main street and
little out of the Zono OF high rentals
This movement has resulted in the en-
lsrgement of the business aren of the
city and has also acted as a stimulus TO
segregate the different kinds of business.
West Temple street and First and Sec
one South, the streets leading 10 the
railroad depots, have become Wholesale
streets. State street has been cleared of
the stables. blacksmith shops, barber
shops and the like and now appears lined
with many frst-class buildings and larg-
er business enterprises. On Main street.
bo
erection OF number of handsome new
buildings, not TO mention the improve.
mcnt OF the existing structures with
large plate glass windows, marks the
beginning Of more complete metropoli-
tdnlsm for the city.
Business Has Moved Southwark.
The demand for new business loca-
tlons has also caused the utilization of
property on lower Main and State
streets as far south as Sixth South, and
oven beyond that point. it follows,
then, rs Il matter OF course. realty deal
crs say, that the demand for property
in The new locality should be followed
by rise i'm values. Much of the ground
has been purchased Tor the erection Of
new business structures. Other tracts
have been secured bv sbrcwd investors
crease IN values has reached such
stage that they can sell with the pros
pcct of realizing n large return
The true situation regarding the in
crease IN rentals and property values
has been explained recently by real
estate man as follows: Many people
state that property here Is high and to
provo This statement they compare tho
values with those Of property located
on tho side streets. This Is wrong. The
values should be compared with those
for property similarly located in other
cities. They say that rents are high
here, vet this statement Is true only of
locations on Main street This thorough
faro, it should he remembered. is the
main business street of the city and
shop keepers there have advantage over
business men of almost every other citv
i'm the country in that the shopping tref.
lie passes their very doors
Under these circumstances the busi-
ness men who occupy locations along The
part Of Main street where high rentals
are charged. can well afford to pay a
HI cher rent than ,hey would on the side
streets As n matter Of fact. they can
we'll afford 10 pay higher rentals than
formerly an account al the increased
business which comes 10 them through
the enlargement of the city and the fact
that they are in on the ground floor.
so 10 speak. have obtained the choice OF
location and are able to maintain their
positions The smaller and weaker ones
arc being forced out and hnd their level
on the side streets and IN less prom
ineut locations,
Card OF Thanks.