LOS ANGELES—Many of the multifamily developers putting shovel to dirt in Downtown Los Angeles have cited ample jobs as one of the main drivers of the burgeoning market. However, Downtown Los Angeles, according to the latest report from the DCBID, has a high 18.4% office vacancy rate with large blocks of available space. While this number is an improvement from the historical 20% vacancy rate in the office sector, it begs the question, how is this office market driving development? The answer: even with a high office vacancy, the jobs-to-homes ratio is still higher than most other major cities.

“Downtown is increasingly desirable as a place to live, regardless of whether you work here,” Carol Schatz, president of the DCBID, tells GlobeSt.com. “That said, with a weekday population of almost 500,000 and a residential population of around 60,000 we still have a jobs-to-residents ratio of 8 or 9 to 1, which is significantly higher than other major cities, even boomtowns like San Francisco and Seattle, so there is a lot of room for growth as an increasing proportion of those downtown workers decide to make downtown home as well.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.