C&W Research: What's Fueling DTLA's Renaissance
Over the past 15 years, DTLA has seen $20B in new investment and 19,000 new multifamily units have been added, according to a post from Cushman & Wakefield managing director of research Petra Durnin. In addition to the countless new developments under construction, more people are considering the area as a place to live. In the past five years, Petra also notes that 815k SF of new tenants moved or relocated into Downtown from other markets, in addition to major growth on the retail front. And the market doesn't show any signs of slowing, she reports, projecting equally astounding growth in the next 10 years.
It's already been a big year for Downtown, with multifamily construction completed on the massive 438-unit One Sante Fe mixed-use project, which runs 1,624 feet long in the DTLA Arts District. In addition, King's Arch has plans to sink $5M into making over a historic art deco building at 537 S Broadway. The city was already expecting three major openings this fall, including The BLOC from Ratkovich Co (above). As we told you just a few weeks ago, DTLA already boasts some of the priciest office buildings in LA.