Nearly Half of DTLA’s 2018 Office Leases Are From New Industries

Nick Griffin

The office market in Downtown Los Angeles is changing, and for the better. According to the most recent report from the Downtown Center Business Improvement District, 42% of office tenants in the market are from “new industries,” or a mix of largely creative users, including architecture firms, technology creative industries and co-working. This is a notable milestone, considering that Downtown Los Angeles has historically been a market for more traditional users, which now make up only 57% of the market.

“We are seeing the diversification of the base of office tenants,” Nick Griffin, executive director at the DCBID, tells GlobeSt.com. “For many years, it was traditional finance and law tenants, and now the market has diversified into tech, engineering, design, marketing and other fields. That has greatly broadened the companies that look at Downtown L.A. It has also dovetailed nicely with the growing population down here, which tend to be a more creative, well-educated class of people that work in those industries.”