Commerce Communique'

Vegas’ CityCenter Eyes Rocky Finish

Stakes are high for gaming giant MGM Mirage Inc.’s $8.5-billion CityCenter development on the Las Vegas Strip. The project’s turbulent history includes the death of six construction workers, a lawsuit between development partners over rising costs and funding woes brought on by the global credit crisis. Yet the 18-million-sq-ft complex of hotels, condos, casinos and entertainment space still is scheduled to open in phases, starting on Dec. 1.

Read more: http://enr.ecnext.com/coms2/article_bubt091104VegasCityCen

Why This Real Estate Bust Is Different

When Goldman Sachs (GS) sold complex bonds backed by the Arizona Grand Resort and other commercial properties in 2006, it suggested the returns would be strong. The 164-acre luxury Arizona Grand, set against the Sonoran Desert in Phoenix, boasted an award-winning golf course, deluxe spa, and several swank restaurants. The on-site water park was named one of the best in the country by the Travel Channel. With the resort's new owners planning to refurbish hotel rooms and common areas, Goldman told investors that the renovations would help boost cash flow.

Read more: http://www.businessweek.com/print/magazine/content/09_46/b4155042792563.htm

Why Pop-Up Shops Are Hot

Despite the negative sales forecasts for the holiday shopping season, now might be the right time to open a store. As long it's going to go away. As landlords and mall operators struggle to fill vacancies, and companies try to squeeze as much revenue as possible from the high-traffic holiday season, temporary retail outlets, or pop-up stores, are very much the rage. "Because of the significant empty-space issue across the board, pop-ups are an opportunity for both entrepreneurs and big brands to make some money without having to worry about the overhead of a five-year lease," says Mike Kraus, retail consultant for allbusiness.com. Plus, if your store is going to shut down anyway, you don't have to fret about bankruptcy. "Pop-ups are a national phenomenon," says Faith Hope Consolo, head of retail leasing at Prudential Douglas Elliman.

Read more:

http://www.time.com/time/business/article/0,8599,1935030,00.html?xid=newsletter-daily#ixzz0WNbHhCUe

TIME, Financial Crisis Buzzwords

TARP

Definition: Troubled Asset Relief Program, the government's term for the Wall Street bailout bill. The term was first coined by Treasury Secretary Henry Paulson. The $700 billion bill passed the Senate Oct. 1, the House Oct. 3, and was signed by President Bush that same day.

Usage: "The point is that TARP is the only plan on the table that has both a reasonable chance of political success and a reasonable chance of economic success." (Washington Post, Oct. 2, 2008)

Read the entire list...

http://www.time.com/time/specials/packages/article/0,28804,1847213_1847216_1847197,00.html#ixzz0WNYO97R5

October 2009: Utah Food Bank, Staff VS Agents

Throughout the month of October, the Salt Lake Commerce office had a friendly competition, staff vs agents. The goal...which group could donate the most food to the Utah Food Bank. It was a close call, too close to name a winner. A huge thanks to everyone who donated canned goods as well as monetarily.

Cushman & Wakefield 3rd Quarter 2009 Global MarketBeat Report

Cushman & Wakefield Research is delighted to present third quarter 2009 Global MarketBeat reports. The link below walks you through a brief flash introduction followed by a global map where you can download the latest MarketBeat reports from markets around the globe.

Click here to see where our data can take you today.

Massive City Creek casting noteworthy shadow

Mixed-use project changes downtown landscape, kick-starts sluggish economy.

Three years after demolition of the Crossroads Plaza kicked off construction of City Creek Center, the massive retail, residential and office project in downtown Salt Lake City is beginning to take shape.

http://www.sltrib.com/business/ci_13705020

Echelon On Ice for Three to Five Years

LAS VEGEAS-It could be three years, five years or longer before Boyd Gaming resumes construction of its $4.8-billion Echelon project, the company’s chief executive said on a conference call Tuesday. Kenneth Smith cited lower consumer spending, a glut of hotel rooms and a lack of financing for further delaying the 87-acre project initially scheduled to open next year....

http://www.globest.com/news/1526_1526/lasvegas/181883-1.html

Businesses find deals, dump high-rent stores

Lease rates slide as property managers try to fill vacant commercial spots.

.....The shift from a landlord's market to a tenant's market has come during the Great Recession. Retailers of all kinds have been hit hard by a sharp downturn in consumer spending, leading many to shutter locations and others to go bankrupt. Most retail properties are coping with greater vacancies than even just one year ago.

http://www.sltrib.com/slc/ci_13657340

Lower rents, space changes boost occupancy at Provo strip mall

PROVO -- Not all businesses are falling victim to what's now considered the worst recession since the Great Depression.

http://www.heraldextra.com/business/local/article_7b63e41f-af55-5cac-aece-41da85277ccf.html