March 2, 2018
The Downtown Center Business Improvement District’s (DCBID) Q4 2017 Downtown Market Report revealed that the DTLA Renaissance is growing ever stronger, with substantial gains scored across all sectors. Residential development led the way with a record-breaking 2,831 units coming to market in 2017 in 11 projects. With nearly 10,000 more units under construction, and almost 30,000 units proposed, more records are likely to fall in the coming years.
DCBID’s Carol Schatz says, “Downtown Los Angeles continues to be among the most dynamic residential markets in the nation. Even with the record-setting opening of new projects, demand for DTLA housing continues to grow and occupancy rates continue to tighten.”
Although residential was the most active sector, the defining event of 2017 was the opening of the Wilshire Grand Center, an aspirational project that set a new bar for scale and sophistication.
During 2017, DTLA added 1,400 hotel rooms from national brands and luxury boutiques alike, all the while increasing occupancy levels, room rates, and revenues.
Both the retail and office markets remained strong, with increased activity and absorption countering new deliveries.
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