California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
DTLA’s Robust Renaissance Continues
The strength and momentum of Downtown Los Angeles’ Renaissance drove the market to new heights in 2016, according to the recently-published Downtown Center Business Improvement District’s (DCBID) Q4 Market Report. A record-breaking 2,671 residential units came to market in 11 developments in 2016, with an additional 3,968 units breaking ground.
DCBID’s Carol Schatz said, “2016 has truly been a record year for Downtown LA, and the fact that occupancy levels have held strong with all the new inventory coming online has investors confident there is sufficient demand for what is in the existing pipeline, so they are proposing new projects.”
Additional report findings include:
- 48 new projects were proposed, 23 in Q4 alone
- New development spanned nearly all real estate categories including:
– more than 15,000 residential units
– 2 million square feet of office space
– nearly one million square feet of retail
– roughly 2,000 new hotel rooms - 16.8% office vacancy, 4.5% decrease YOY
- 4.0% retail vacancy, 51.2% decrease YOY
- $172.05 YTD Average hotel RevPAR, 16.7% increase YOY
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development
- ◦Sale/Acquisition
- ◦Lease

Subscribe to Connect Daily California 

