DTLA Construction Booms Across Sectors
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Nicholas Griffin: “The more people that move downtown, the more amenities come in.”
LOS ANGELES—Construction is booming in Downtown Los Angeles across all property sectors. A new report from theDowntown Center Business Improvement Districtshows that the submarket has more than 3 million square feet of commercial space, 10,000 multifamily units and 2,600 hotel rooms under construction, which is a shift from the multifamily focus we have seen take hold in the submarket over the past few years.
“At the highest level, urban lifestyle is becoming increasingly appealing. Millennials want an urban lifestyle. In downtown specifically, it is that increasing desirability that is fueling construction; it is one of those things that is building on itself,” Nicholas Griffin, director of economic development at the DCBID, tells GlobeSt.com. “The more people that move downtown, the more amenities come in.”…
