This content was written by Nick Griffin and originally appeared on Urbanize LA.
The Downtown residential market has been on fire for years now, with the retail and restaurant scene smoldering in its wake. Now those sparks are beginning to ignite the commercial office market – with our Q2 Market Report showing growth in leasing activity, average rents and net absorption. But the numbers, while good news, aren't the real story.
After a record-breaking 2017 with over 2,800 new residential openings, the Downtown market remained strong in Q1, with news in all sectors reinforcing confidence in DTLA's continued growth.
The Downtown Center Business Improvement District (DCBID) released its Q4 2017 Downtown Market Report, revealing that the DTLA Renaissance grows ever stronger, with substantial gains scored across all sectors.
Downtown LA continued on its dynamic growth trajectory in Q3, despite a relatively slow quarter for the greater LA area. Leading the way was residential with another 1,380 rental units coming to market.