DTLA Shows “Resilience and Flexibility” Across Sectors

2023’s second quarter was highlighted by positive news all around Downtown Los Angeles, from the office, residential, hospitality and F&B markets to the historic opening of the Regional Connector, according to the Downtown Center BID’s (DCBID) Q2 Market Report. 

“The DTLA market is showing its resilience and flexibility, with the increasing strength of residential and hospitality balancing slower recovery in the office sector,” said Nick Griffin, executive director of the DCBID.

The Regional Connector, providing a one-seat ride for north/south and east/west travel across Los Angeles County for the first time, opened with three new art-enhanced DTLA stations. Included is the first Bunker Hill rail stop, with convenient access to the arts institutions along the Grand Avenue cultural corridor and several million square feet of Class A office space. 

Although DTLA’s office market remains in flux, the signing of several key leases gave strong indications that demand for office space remains. Most notable was a 295,000-square-foot lease by the City of Los Angeles at the Gas Company Tower.

In residential, much-needed new inventory arrived with the completion and delivery of 785 units in Brookfield Properties’ Beaudry, claimed to be the largest single-tower residential community on the West Coast. Similarly, new inventory arrived in the hospitality sector with the opening of the AC and Moxy Hotels in South Park.

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.