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While leasing remained below the historic levels of 2015 and 2016, class-A demand rebounded somewhat while vacancy remained flat. Furthermore, asking rents in some key market segments continued to climb, specifically in the Hudson Waterfront.
The legislation commits the city to provide all low-income tenants facing eviction access to legal representation in housing court. The program overseen by the Civil Justice Coordinator at the Human Resources Administration will serve 400,000 tenants when it is fully implemented in five years.
The 216,000-square-foot lease agreement was with Renesas Electronics America, expanding to include all of 915 Murphy Ranch Rd. and extending the term of its existing lease on 126,000 square feet.
The BHA picked Boston-based WinnDevelopment over four other proposals to redevelop the Mary Ellen McCormack complex that currently consists of 1,016 deeply subsidized apartments and row houses.
L.A.'s development activity may be focused in the Downtown submarket, but the walkability and transit options in Hollywood are becoming increasingly appealing to developers.