Report: Downtown Is Booming, Making Records In 2015
The Downtown Center Business Improvement District just released its 2015 Year End Market Report, and it's looking good for downtown.
Last year set records for development in DTLA, with total commercial leasing volume increasing to 2.4M SF (an increase of 14% over the previous year); 10,170 residential units under construction; and more than 2M SF of retail being developed.
Downtown BID CEO and Central City Association CEO Carol Schatz (pictured above with CBRE's president of Greater LA and the OC region, Lew Horne) sees the trends continuing in the near future. Carol tells Bisnow downtown is enjoying increased popularity and many of the projects being developed have timelines scheduled for at least 2017.
However, real estate as a whole seems to be centered around cautious optimism, Carol says. This is especially due to lending getting tighter although business is still growing "slowly but surely," according to Carol.
While there is a renaissance in DTLA, Carol warns that two ballot initiatives proposed for November could halt new housing construction and jobs if passed.
The Central City Association is working with a local coalition to defeat the measures.
The 2015 Year End Market Report can be read in its entirety here.
