Downtown LA Report Card:Conventions are Back, Hotels are Opening, Residential Occupancy is High

Highlights from the Downtown Market Report for the first quarter of 2023 shows a strong recovery of people visiting downtown as convention business continues to bounce back to pre-pandemic levels.

The recent opening of South Park’s AC/Moxy hotel complex with 737 new hotel rooms adds to the downtown inventory and shows momentum. The downtown goal of 10,000 hotel rooms, downtown now has 9,945 hotel rooms with another 1,815 under construction and 6,695 proposed.

Meanwhile, residential rents and occupancy levels remain near record highs at 92.9% occupancy with minimal changes in recent quarters. The new Beaudry residential building at Figueroa and 7th with 785 units is expected to open soon adding to the downtown residential inventory.

Office occupancy continues to lag with about a 77% occupancy rate. But other business news was good – Union Bank Plaza sold for $110 million, US Bank Tower completed its $60 million renovation, and Conde Nast signed a 25,000 square foot lease at Row DTLA.

The full report can be read at https://downtownla.com/business/reports-and-research/market-report.

By Debra Shrout