DTLA’s Property Values Are Up 72%

Carol Schatz: “This also makes clear that this has an enormous beneficial impact on the region.”

LOS ANGELES—According to a new report from Beacon Economics, the renaissance in Downtown Los Angeles has a fiscal impact of more than $60 billion. The market has seen an increase of $29.1 billion in construction spending since 1999 and an increase of $28.9 billion in consumer spending since 2006. Most impressively, the report also shows that property values in the downtown market are up $24.79 billion since 2006, an increase of 71.9%, compared to 48.1% for the remainder of Los Angeles.

“It was not at all surprising. We have known that this has had an enormous impact on the City of Los Angeles, but this also makes clear that this has an enormous beneficial impact on the region,” Carol Schatz, the president and CEO of the DCBID, tells GlobeSt.com. “We can safely say that job growth and most of the housing growth has been in Downtown Los Angeles for the past 15 or 16 years. I think there is a growing recognition by people that are living in the region that Los Angeles has been transformed.”