The Downtown Los Angeles market is making strides in the right direction. The DCBID releases its fourth quarter market report, showing recovery in hospitality, office, retail and multifamily. Suzanne Holley, president and CEO of the DCBID, called the growth "truly inspiring."

The hospitality sector was the shining star. RevPAR in the market during grew for the fourth consecutive quarter to $96, a 53.4% increase, and occupancy increased 69% from its pandemic low in Q1 2021. The average daily rate increased $179.00 through the end of the year, a 2.9% increase year over year. In the fourth quarter, the 315-room citizen hotel and the 148-room LA Proper Hotel opened doors.

The apartment market also had improving metrics with occupancy growing to 93.5%, an 8.7% increase year over year and average rental rates growing to $3.29 per square foot, a 13.1% increase year-over-year. Effective rents reached $2,772, an increase of 11.7% increase year over year. There continues to be an active construction pipeline. Figueroa Apartment Tower and Mitsui Fudosan's 41-story apartment tower are both nearing completion.