Solid gains in occupancy and revenue in Downtown Los Angeles' hospitality and retail sectors lead overall market momentum, with continuing growth in the residential and office markets, according to the DCBID's 2016 Q1 Market Report.
With record levels of new construction in all sectors set to deliver new residential, office, and retail space in 2016, improving hospitality stats stand out in Q1 2016 with a 19.6% increase in RevPAR and a 77.8% YTD Occupancy Rate. Additionally, the DCBID Market Report highlights a tight 4.6% vacancy rate in Retail; a 28% decrease YOY. Residential continues to show strong demand with a 92.5% Occupancy Rate, and Office rounds out the Market Report's positive portrait of DTLA with another quarter of positive net absorption. Click to read the full Q1 Market Report.
Highlights by segment:
- 77.8% YTD Occupancy Rate; 7.9% increase YOY
- $214.71 YTD Average Daily Rate; 10.8% increase YOY
- $167.02 YTD Average RevPAR; 19.6% increase YOY
- 92.5% Occupancy rate for Apartments
- $741 PSF Average Condo; 18.4% increase YOY
- 4,000 Units Expected to Deliver in 2016
- 17.2% Office Vacancy; 5% decrease YOY*
- $3.20 PSF Lease Rate in Q1; 7.7% increase YOY*
- 140,000 SF of Positive Net Absorption*
* Source: CBRE
- 4.6% Vacancy Rate; 28% decrease YOY
- $2.57 PSF Lease Rate; 1.9% decrease YOY