DTLA Has Not Gotten Its Share of Creative Tenants

Mark Sullivan is an EVP at Savills Studley.

LOS ANGELES—Downtown Los Angeles wants creative tenants, and to stay competitive with surrounding markets, it needs them. The submarket has an office vacancy rate that trends above the city average, but with an inventory of institutional office buildings, the market hasn’t appealed much to creative users.

“Every institutional owner downtown is thinking about what they could do to make their buildings more attractive to creative tenants,” Mark Sullivan, EVP, director and regional manager at Savills Studley, tells GlobeSt.com. “The reason why primary Westside, El Segundo, Playa Vista and even Hollywood have become strong markets is that they have appealed to creative users. If you look at dynamic job growth, it is driven by entertainment, technology and new media. The core of Downtown has not gotten its share of that business.”