Q3 2016 MARKET REPORT
MARKET OVERVIEW
Hotel
• Hotel average daily rate rose to $213, up from
$195 one year ago.
• “Revenue per room” increased 13% since last year.
• A planned adaptive reuse of a 108 year-old
warehouse at 4th and Alameda will bring 66
“condominium-hotel” units to the Arts District.
Oceanwide Plaza
2.0m
77.2%
YTD Average Daily Rate
$213.24
$195.76
YTD RevPAR
$172.32
$151.17
PROPOSED
• Retail vacancy fell to 4% from 5.3% one year ago.
• The Yards at One Santa Fe filled out with openings
including Benjamin, A Shop Called Quest, and
Bulletproof Coffee.
• Developer SunCal announced plans to add 128,000
sq. ft. of retail to the Arts District as part of their in
their major mixed use project, 6AM.
Q3 2016
Q3 2015
Vacancy Rate
4.0%
5.3%
Average Rent Per Square Foot
$2.51
$2.62
28,227
186,706
Source: CoStar
8
80.8%
Source: LA Tourism and Convention Bureau
Retail
YTD Net Absorption
Q3 2015
YTD Occupancy Rate
SQUARE FEET OF RETAIL SPACE
UNDER CONSTRUCTION
1.5m
Q3 2016
Downtown Center Business Improvement District
8,163
HOTEL ROOMS
2,756
UNDER CONSTRUCTION
3,636
PROPOSED