Park City Real Estate Trends

2015 was not only a busy year for local businesses, but an expensive one as well.  Commercial rents went up, while tourism levels fell with the lower snowfall.  The Ski Patrol union nearly disappeared and the deadlines for businesses to implement the chip technology credit card terminals went into effect October 1^st.

One bright spot was the announcement that Outdoor Retailer, a trade show for outdoor products, was staying in Salt Lake through 2018 - it’s contract was due to expire in 2016.  All in all, though, it appears most businesses will be welcoming 2016 with relief and open arms.  Read further for all the details - and Happy New Year!

• Lower Snowfall causes a drop in tourism - Climate changes are not Park City’s friend, with a measly 205 inches of snow in 2015 - compared to 263 in 2014 and a high of 408 inches in 2010; as the amount of snowfall drops, so do the numbers of tourists visiting the state. Protect Our Winters (an environmental group) and Ski Utah (ski and snowboard promoters) are joining forces to get the word out on what we can do to help the snow stick.
• Largest outdoor products trade show is staying - Outdoor Retailer’s contract with Salt Lake City was due to expire in 2016, but it has now been renewed for another 2 years. Losing the trade show would have created a financial deficit, so local retailers can breathe a sigh of relief.
• Commercial rents continue to rise - Without rent control, local businesses will be feeling the pinch again. Since 2011, rents on Main Street have steadily increased from $40, to $47 to the current $58 - an $18 increase per month leading to fears that prospective business owners are being priced out of opening new establishments in the trendy Main Street area.  Commerce expert Steve Hooker isn’t worried about current business owners being forced to close doors, but doesn’t address prospective business owners worries.
• Ski Patrol will still have union at combined resort of Canyons/Park City Mountain Resort - Canyons Professional Ski Patrol Association contract expired in October, and when Canyons Resort and Park City Mountain Resort joined forces becoming one grand resort, it was thought that maybe the union would cease to be - a concept Vail Resorts embraced. A vote in December, however, formed a new union after a 97-94 vote.
• Chip technology credit card terminals deadline for installation was October 1 - And although some retailers failed to see the urgency, stating credit card fraud in Park City is extremely rare, most business owners were eager to comply. The added security of a chip-enabled terminal eases shoppers’ minds and allows them to shop without fear in a day when fraud is becoming more and more a way of life.