Development Hit Record Highs Last Year in DTLA

Carol Schatz: ““Development and investment in DTLA has been on a steady upward trajectory for nearly twenty years, having weathered even the most recent recession.”

LOS ANGELES—Development in Downtown Los Angeles hit record highs in 2015 across property types, according to the end of the year report from the Downtown Central Business Improvement District. The market has been undergoing a well-known and much-discussed renaissance for the last decade or longer, but last year, development projects soared, showing the return of office, retail and hotel development, with multifamily still leading development in the market.

“Our initial reaction is one of accomplishment, then, excitement,” Carol Schatz, the president of the DCBID, tells GlobeSt.com. “If you look back to when we started roughly 17 years ago, many believed we wouldn’t see what we’re experiencing today: A vibrant, growing population of residents; more luxury and boutique hotels; incredible growth in the retail sector—both well-known national brands and boutiques; more creative, tech, and business enterprises overall; and a huge increase in the number of visitors.  Now that everyone can see what’s under development, it only increases everyone’s anticipation for this next phase of growth.”