Central LA to See Biggest Jump in Population

Amber Schiada

Central Los Angeles is set to see the largest population growth in the Greater L.A. area. According to a new report from JLL, Central Los Angeles is expected to see this population growth over the next five years. Downtown Los Angeles will see the biggest increase in population, with 12,000 new residents entering the market by 2024. That is a 20% increase, the largest in L.A. Koreatown and Hollywood are also expected to see a healthy increase in population.

“There is a tremendous amount of new multifamily development under way throughout the market, much of it concentrated along key transit corridors,” Amber Schiada, senior director of research and insight for California at JLL, tells GlobeSt.com. “Nearly 60% of all new multifamily units in the pipeline are walkable to a metro stop. Some of the hottest office submarkets are also in this zone. Submarkets likes Hollywood, Culver City, and Santa Monica have active housing pipelines and office demand pipelines. Companies view proximity to housing and transit as key for recruitment and retention, especially in today’s tight labor market. A significant amount of new office leasing by growing content creators is driving not just tighter office market conditions, but also putting a pinch on housing availability.”