PARK CITY RENTAL

Park city is a relatively small place in Summit County, Utah. It may be small, but don’t let the size of the place fool you. Park City offers a lot of perks that can’t be found elsewhere in the United States, and even the rest of the world.

Perhaps you know that already, that’s why you are already thinking of searching for “office space Park City” in Google or some other search engine. Perhaps, you are thinking of getting an office space in Park City, but not quite sure yet. Well, let this article show you the perks of having an office space in Park City, Utah.

Resort Town

At its core, Park City is a resort town. That alone should tell you why it’s a good idea to have an office space in the area.

Being a resort town, the atmosphere is a lot more relaxed. And, you know what they say, the less stress you have, the more productive you will be.

Accessible

I know what you are thinking – a resort town is usually far from any major metropolitan area. Of course, as you are looking for an office space, you still need to be connected to the rest of the world. Also, you might need to travel to a different location for a business trip, and you certainly don’t want to drive for hours just to get to an airport.

Thankfully, Park City is not the usual. In fact, Park City is just 35 miles away from Salt Lake International Airport. It’s almost unbelievable such a beautiful and relaxed place is so close to an international airport.

You could be checking your email at your office in Park City in the morning, and by lunch you could be at New York for a business meeting.

Transportation

Let’s get real here; gas money is a big expenditure. Even if you think it’s not a big of a deal as you can afford it, but once you see how much money you are spending on gas in a single year, you will be asking yourself “is there a better way?”

Well, Park City has an excellent public transportation system. This means that you can get around the city without using a car. You will be saving a lot of money in terms of gas expenditures.

Park City has a lot to offer if you are looking for an ideal office space. With big advantages such as being a resort town, accessibility and convenient transportation, it’s no wonder that more and more office spaces in Park City are getting occupied.

Standing on Main Street amidst the commercial real estate of Park City, Utah I find it sometimes hard to believe that this area was once quite different. I am a history buff and recently I read about Colonel Patrick Edward Connor who administered the District of Utah from Camp Douglas in 1862. At the time there were rumors that the Mormons lead by Brigham Young living in the area were conspiring to establish an independent Kingdom called Deseret that would encompass the lands comprising modern day Utah, Nevada, northern Arizona, southern California and parts of Colorado, New Mexico and Wyoming.

While stationed in Utah Colonel Connor acted as a force to counterbalance the power of the Mormon Church. In this capacity he provided protection for non-Mormons living in the territory as well as Mormons wishing to leave the church. It is well documented that Colonel Conner’s heart was never in his mission because he and the men of his detachment wished to be fighting for the Union in the U.S. Civil war raging in the eastern United States at the time. However, while in his post he performed competently by signing a treaty that concluded hostilities with the local Indian tribes as well as discovering the rich silver mines in the region near present day Park City.

Colonel Patrick Edward Connor continued at his post commanding the District of Utah until it became merged with the District of the Plains in March of the year 1865. This new district was established per his suggestion and became a subset of the Department of the Missouri. The Department of Missouri was comprised of the former districts of Utah (which was renamed West Sub District), Nebraska (renamed East Sub-District), Colorado (renamed South Sub-District), and the Territory of Idaho (renamed North Sub-District). At this time Colonel Connor was named commander of the new District.

Obviously, the area comprising the commercial real estate of Park City was quite different during the time of Colonel Connor. For one thing the area was hardly populated until the silver deposits he discovered were mined. It is so easy to go about my daily life unaware of the rich history of this land. Sometimes I like to stop and appreciate it all which is why I read about Colonel Connor in the first place.

The decision to buy or lease commercial real estate in the Park City region requires the consideration of several competing variables.

One factor to consider is the fact that cost of rent can change from lease to lease depending on the market. On the other hand, the yearly price of owning a property tends to be more constant. It is difficult to know whether a property will remain suitable for a particular business for an extended period of time. This will depend on the type of business and its unique requirements.

Renters have less control over repairs. Conversely, buyers of Park City commercial real estate will maintain this control. Renters are at the mercy of the landlord who may elect to end the lease. On the other hand renters may find it easier to relocate than buyers if the location proves to be less than ideal.

Over time a buyer will gain equity in a property. Renters will not. Renters may be able to deduct rent as a business expense. However, purchasers of commercial real estate may be able to deduct property depreciation and mortgage interest. Taxes, however, can go up based on a number of factors which may have a greater impact on a buyer.

Finally, the decision to buy or lease might be impacted by the anticipated ease of the initial transaction. Typically, negotiating a rental agreement is much faster than negotiating a sale of real estate. Credit rating requirements are also lower for leasing than for buying. Moreover, leasing generally requires less upfront cash than needed when purchasing a property. Obviously, liquid cash reserves are important to the operation of a business.

The decision to buy or lease property is complicated and all these factors should be considered prior to making the decision in order to optimize chances for a positive outcome.

Many tourists visit Park City every year. Among the many sights and events Park City has to offer, the Sundance Film Festival is one of the most well known. The festival takes place in the month of January over the course of 10 days during which more than 200 films are shown to upwards of 45,000 people. These numbers make it the highest attended venue for independent films in the United States. As a result, foot traffic in and around commercial real estate in Park City tends to spike during the time of the Sundance Film Festival.  

The history of the Sundance Film Festival dates back to 1978 when Robert Redford chaired its first incarnation in Salt Lake City. At that time the name of the festival was called “The US Film Festival” then renamed “The Utah/United States Film Festival.” In 1981 the film festival moved from Salt Lake City to Park City supposedly because of Park City’s relatively less strict alcohol regulation and proximity to ski resorts. Ten years later the festival was again renamed “The Sundance Film Festival” in honor of Robert Redford’s role as the Sundance Kid in the 1969 movie “Butch Cassidy and the Sundance Kid.”

Many well known directors of independent films launched their careers at the Sundance Film Festival. For example, Quentin Tarantino showed Reservoir Dogs in 1992 and Kevin Smith showed Clerks in 1994. Both directors have gone on to extremely successful careers and commercial success.

The Sundance Film Festival is infuses approximately $80,000,000 into Park City’s economy every year. Because Salt Lake City International Airport is only a 45 minute commute away, Park City is a convenient location to get to. For this reason along with other tourist attractions including world class skiing contribute to making tourism one of the main economic drivers for Park City. As such, it is no wonder why most commercial real estate in Park City is connected to the tourism industry in some way.

Home owners had a crisis recently. They were unable to pay mortgages because of economic downturn. Home rates dropped during the recession period. After this period, rents are rising. So, it seems like a better idea to rent house than to own one.

Cost: Mortgage costs are really high. You can avoid situations that happened during the period of recession by renting house instead. Renting house allows you to move freely, without worrying to pay mortgage fee or worrying about interests going up.

Inflation: It is a crisis that economies face now and then. You don’t have the risk of going bankrupt if you rent house instead of owning it.

Interest rates: You don’t have to worry about the increased interest rate and the fact that these rates accelerate when you fail to pay your mortgage fees.

Taxes: You don’t need to worry about taxes. Paying taxes are often a big hassle at the end of the year. So, if you rent a house, you are exempted from this trouble.

Renovation: Homes often need renovation works, which can be very expensive. If you rent home, you won’t have to worry about any renovation works.

The home owner will do it for you. Some special features like making the house more energy efficient, or changing the roofing may require lot of work. If you rent a house, you won’t have to worry about these issues.

Debt: There is no question of getting into debt when you rent a house. You only pay the monthly charges, and if you are out of money just move into a cheaper accommodation. Unlike, home owners who often accumulate debt in order to pay their mortgage fees, renting homes keep you free from everything.

All these factors indicate that renting home is better than owning one.