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DCBID Reports Retail Drawn to DTLA, MF Market Surge Defies Skeptics
Downtown Los Angeles (DTLA) continues to attract trendsetting retail brands from around the country, according to the latest Market Report from the Downtown Center Business Improvement District (DCBID). New York burger favorite, Shake Shack, Chicago-based RSVP Gallery, and Bodega, a Boston-based fashion retailer, lead the list of Q1 arrivals, while rumors continue to swirl about Apple settling in DTLA.
Driving the retail growth is one of the most active residential development markets in the country. Despite delivering a record 2,831 apartments and condos in 2017, the appeal of the urban lifestyle drove occupancy rates back up to nearly 93% by the end of the first quarter of 2018 – an emphatic answer to critics claiming the demand for apartments in DTLA couldn’t keep up with increased supply.
DCBID’s Carol Schatz says, “Going back a year or two, when we looked ahead at the delivery schedules of all these developments, we knew that 2017 and 2018 were going to be ‘prove it’ years. And DTLA has answered emphatically! The demand for everything in Downtown Los Angeles continues to gain momentum.”
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