March 17, 2017 Comments Off on DTLA’s Robust Renaissance Continues Views: 440 California News, Los Angeles

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

Read more at Downtown Center BID

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