The Downtown Center Business Improvement District [DCBID] released its Q2 2015 Market Report today, revealing that billions of dollars in investment and
development can’t come quick enough to keep pace
with demand. According to Carol E. Schatz, President
and CEO of the DCBID, “If you count just the projects under construction, Downtown LA will be adding
no fewer than 10 new high-rises to its skyline. In the
long successful history of the DCIBD, we’ve never seen
numbers like this.” In spite of this incredible growth,
residential, office, and hospitality rates continue to rise
and vacancies continue to fall.
Highlighting demand for everything in DTLA, key
Q2 2015 findings include:
Residential
• 10,000+ Units under construction (2,001 are condos)
• Occupancy Rate remains strong at 97%
• Current Population estimate is 59,187. When complete, population will be nearly 77,000
Convention Center– and the 4th largest project under construction in the neighborhood. Retail, one of
downtown’s hottest markets with 1.8M square feet under construction, is led by The BLOC, Broadway Trade
Center, and At Mateo. Hospitality continues its hot
streak with rising Average Daily Rate and RevPar despite delivering almost 500 rooms to downtown’s inventory this quarter.
“As much as there is to be amazed at what we have
accomplished over the past sixteen years, you can’t
help but be in awe of the impact these projects will
have when they are completed over the next couple of
years,” added Ms. Sch