South Park Residential Market Leads the Way in DTLA’s Revitalization
Bisnow, the world’s leading B2B platform serving the U.S. commercial real estate industry, recently published an article regarding Downtown Los Angeles’s struggle to recover from the effects of the Covid-19 pandemic. It is no secret that DTLA’s life as a 9 to 5 business district has been greatly challenged in the last few years with commercial occupancies falling dramatically. The silver lining of future growth and greatness for DTLA is now found in a flourishing residential market.
In 1999 there were fewer than 20,000 residents in DTLA. Today almost 100,000 people call this their home, making it one of the fastest growing communities in the country. Reporting on this local evolution and predicting our future has become the job of the Downtown Center Business Improvement District (DCBID) which has just released a report: “DTLA Residential: A Guide to the Residential Market in Downtown Los Angeles”.
As recorded in Bisnow, according to DCBID Executive Director Nick Griffin, the residential sector has been leading the way in expanding LA’s economy. “Although some segments of the local economy have struggled since the pandemic, residential has come back stronger than ever, with occupancy rates of 90% and rents at record levels…” explained Griffin. And Griffin said this is just the beginning. The recently approved DTLA 2040 Community Plan Update is predicting the addition of up to 100,000 residential units resulting in almost 250,000 additional residents!
According to DCBID’s report, the South Park neighborhood has been and will continue to be by far the leading contributor to this growth. South Park currently has 10,318 market rent apartments, 3,785 condominiums, and 7,766 affordable housing units. There are 6,685 proposed new units in the pipeline that should become reality in the next 5 to 10 years. These numbers dwarf currently existing and proposed units in the other neighborhood districts of DTLA. To say the future is bright for the South Park neighborhood would be an understatement.
You can read the Bisnow article and access the DCBID report in its entirety at:
By John Nilsson