June 2, 2016
Find out more about Los Angeles CRE and discuss these findings at Connect Los Angeles on June 9th.
DTLA 2016 picked up right where 2015 left off, with strong momentum and positive trends in all sectors of the DTLA market, highlighted by growing demand for residential, office, hotel, and retail space, according to the Downtown Center Business Improvement District’s (DCBID) 2016 Q1 Market Report.
DCBID’s Carol Schatz says residential construction continued its record pace, with 4,000 units due to market in 2016. Rental rates increased 5% over last year, and occupancy rates remained above 90%. Condo prices also continued to rise in advance of new inventory.
The retail vacancy rate dropped 28% since last year with rents holding steady in a market highlighted by new leases and openings.
DTLA’s desirability as a tourist destination continues to rise, and more than 2,500 hotel rooms are under construction to meet that growing demand. The market’s Average Daily Rate now exceeds $200, with RevPAR up nearly 20% over last year.