March 22, 2017
By Dennis Kaiser
The revitalization of Downtown Los Angeles (DTLA) is no secret. It would be hard to argue against it being one of the hottest markets in the country today. The amount of development and leasing activity, addition of new hip restaurants, new retail offerings and influx of people is remarkable. Yet, the resurgence wouldn’t have transpired without the vision and efforts of those who saw what the market could become.
One of those pioneering DTLA leaders is Avison Young’s Derrick Moore. He spoke at Connect Retail West on a panel entitled “24-Hour Cities: Transforming Neighborhoods & Changing Retail.” We asked Moore to share how DTLA arrived at the doorstep to becoming a 24-hour city in our latest 3 CRE Q&A.
Q: With the majority of your retail transactions occurring in DTLA, how is this market becoming a 24-hour city?
A: Downtown LA is witnessing a great renaissance and is an ideal example of a 24-hour city evolution. New residential, hospitality, office, and retail projects have increased their bandwidth significantly in all of this market’s business lines and districts. We are seeing exciting developments on the Figueroa corridor (Circa, Oceanwide, Hazens, Lightstone, among others); and many other residential mixed-use projects that are planned or under construction throughout DTLA.
Combine that with a long list of expanded cultural offerings, that include the Broad Museum and Art Galleries in the Arts District, and you have all the makings of a 24-hour city. The choices and improved offerings are making our city more desirable for live, work, and play. With those features and the technology and demands of a busy professional, all come together to create the perfect paring for transforming a prior “work-only place” into a 24-hour city.
Q: What is driving the trend toward 24-hour cities?
A: The way we live, work, and play has us on the go 24/7. Social media and the need for immediate “communication gratification” has everyone wired and constantly connected. In that same theme, we are also no longer relegated to brick and mortar store hours and can shop online 24/7. I believe we will continue to see retailers modify their offerings and access to goods and services in a manner that is reflective of this trend.
Q: Why is it important to provide the most innovative and convenient services today? Are retailers really keeping their doors open around the clock?
A: Technology and innovation are the drivers to why consumers value and utilize certain products and services. Ride sharing grew out of a need for more choices in private/public transportation, and creating an effective and efficient means to transact that business. Technology is also allowing us to rate those businesses and service providers, and gain real-time comments from our peer groups and other consumers. Web-access has allowed retailers to keep their “virtual doors” open 24/7, as most have an online presence.
For comments, questions or concerns, please contact Dennis Kaiser