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Los Angeles ranks second in the nation for multifamily construction spending, according to new research from Apartment List. In the period from 2000 to 2016, the Los Angeles market has seen $28.4 billion in new multifamily construction, the second highest in the nation. When controlled for population, however, the market drops to number 15 in the nation for multifamily construction spending.

Largely, this jump in spending has been driven by the housing shortage. “Los Angeles is an established metro with a strong economy, which has not built enough new housing to keep pace with demand,” Chris Salviati, housing economist at Apartment List, tells GlobeSt.com. “In general, this need for new housing, particularly dense multifamily housing near the urban core, is driving new construction. Multifamily is making up an increasing share of new residential construction spending in the L.A. metro. In 2000, multifamily accounted for 25% of new residential spending, while in 2016, that figure had doubled to 50%.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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