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California  + Los Angeles  + Retail  | 

DTLA’S Booming Economy Highlighted by Global Brands, Landmark Deals

The Los Angeles Downtown Center BID’s (DCBID) Downtown LA Q3 Market Report revealed a thriving economy marked by high-profile deals from leading brands in every market sector. In the biggest news of the quarter, if not the year, Apple revealed their plans for a flagship retail outlet and event space at the historic Tower Theater on Broadway, bringing perhaps the most sought-after retailer to DTLA.

DCBID’s Suzanne Holley says, “Fueled primarily by unprecedented residential growth, the DTLA economy has reached a tipping point where all market sectors are driving forward independently while also feeding off each other, resulting in landmark deals from the nation’s leading companies and brands.”

Other deals included West Elm celebrated a third-quarter opening of its newest design and furniture showroom at the Broadway Palace Apartments, across from the Ace Hotel on Broadway. South Korean specialty grocer Emart, signed a 51,700 square-foot lease to open the first American outpost of its hip PK Market on three floors at the LA Jewelry Mart.

Office:
•  17.0% Office Vacancy; 3.4% decrease YOY
•  $3.66 PSF Class-A Lease Rate; 5.2% increase YOY
•  2.3M SF YTD Leasing Activity; 25% increase YOY
•  230,010 SF Net Absorption; 486% increase YOY

Retail:
•  4.7% Vacancy Rate; 6.8% increase YOY
•  $2.48 PSF Lease Rate; 4.2% decrease YOY
•  11,294 SF Net Absorption; 127% increase YOY

Hospitality:
•  77.9% YTD Occupancy Rate; 0.1% decrease YOY
•  $222.18 YTD Average Daily Rate; 2.1% increase YOY
•  $172.99 YTD Average RevPAR; 1.9% increase YOY

Residential:
•  90.5% Occupancy rate for Apartments; 1.5% increase YOY
•  $3.10 PSF Average for Apartments; 3.33% increase YOY
•  $2,763 Average Effective Rent per Unit; 34.5% increase YOY
•  99 Condo Sales; 25.6% decrease YOY
•  $723 PSF Condo Price; 6.5% increase YOY

For comments, questions or concerns, please contact Dennis Kaiser

Connect

Inside The Story

Read more at DCBID 2018 Q3 Market ReportConnect With DCBID’s Holley

About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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