So I commuted to Downtown LA for 6 years, and lived in a variety of different areas so I can definitely help clarify this. I lived mostly on the Westside of LA (Santa Monica, Marina del Rey, Brentwood), but have also spent a lot of time everywhere.
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It’s the vacancy rate, stupid. As I wrote in my summary of the reasons to oppose the deceptively-named neighborhood integrity Initiative, Los Angeles is now going on five years with vacancy rates under 5 percent.
The vacancy rate now hovers around 12 percent – the highest recorded by real estate research firm costar group since 2000, compared to a citywide vacancy rate of about 4 percent.” Why is Los Angeles bankrupt-it has been forcing round pegs into square holes.
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This is Why DTLA has the highest residential vacancy rate in LA County. Mixed-Income Development Rising on Fairfax Avenue. Shopping Center on Wilshire, just East of Santa Monica, Getting a Whole New Look. Small Lot Houses Underway on Glendale Boulevard. Mixed-Use Burbank Development Could Break Ground In 2020. Residential-Retail Complex Planned.
Downtown areas in SF, Oakland, LA, etc are attracting way more young people now. DTLA has a large vacancy now only because they’ve been building so much housing there in the last decade. Before that, almost no one wanted to live there so there was no housing development whatsoever. It’s vastly different now.
Industrial land use in the city of Los Angeles is generating a lot of often-heated debate. There were a series of contentious presentations on the Planning Department and the Community
Vertical Construction Underway On South Beach Hotel & Retail Project The property’s other large buildings, including a hotel, apartments and larger-format stores, are locked in and moving forward. Over the next year, smaller retail. construction will start soon on.
Here’s an article from the Real Deal that talks about the 11% vacancy rate in Downtown LA. And still City Planning keeps approving high-end high-rises. This is why DTLA has the highest resi vacancy rate in LA County
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Landlords are giving out free parking-and free rent. Waves of new fancy apartments in Downtown LA have helped bring the neighborhood’s vacancy rate to its highest level in nearly two decades. It’s now 12 percent-the highest recorded by real estate data firm CoStar since 2000, KPPC reported today. With so many available units,
Local As DTLA vacancies rise, landlords increase breaks on rent, parking The South Park neighborhood of Los Angeles is seeing the most residential construction activity.