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Downtown Los Angeles Retail Picking Up as Workers and Visitors Return

6/10/22

This report provided by the Los Angeles Downtown Center BID

The Los Angeles Downtown Center BID just released their Q1 2022 DTLA Market Report, revealing growing numbers of retail openings driven by increased activity in the hospitality market, greater number of workers returning to the office, and more people visiting DTLA to dine, shop and be entertained. According to the report, more than 13 retail establishments opened their doors in the first quarter, led by Chef Ray Garcia’s Asterid at the Music Center and Cabra, the newest outpost of Chef Stephanie Izard and Boka Restaurant Group’s Peruvian cantina on the rooftop of The Hoxton Hotel. Other first quarter retail openings include Basil and Cheese Café and Polanco DTLA in the Fashion District, Bossa Nova Brazilian Cuisine and Gusto Green in the Financial District, and Pizzeria Bianco and Smoke City Char Bar in the Arts and Industrial Districts, respectively.

According to the report, the first quarter’s increased retail activity follows several quarters of significant growth in the Hospitality Market where the occupancy rate increased 82.5% and RevPAR increased 176% from the same quarter a year ago. Visitor trips to DTLA increased 50% over the same time period.

“By its very nature, retail growth typically follows that of the residential, hospitality, and office markets. What we saw in the first quarter was restaurateurs and retailers capitalizing on what we’ve been seeing on the street over the last twelve months – more office workers, more tourists, and more single-day visitors,” stated Suzanne Holley, President and CEO of the DCBID. “And let’s not forget our 80,000-strong and growing residential community, where DTLA’s apartment buildings are at or near record highs for occupancy and lease rates.”

The retail market, however, wasn’t the only market to see increased activity in the first quarter. After minimal activity through 2020 and 2021, DTLA office leasing has begun to pick up including architect HOK’s 40k sf relocation from Culver City to ROW DTLA, and Buchalter’s renewal for more than 80k sf at the Wedbush Center. First quarter office sales included the LA Athletic Club’s sale to Stockdale Capital Partners for $44 mil, SP One-Twenty’s $26.5 mil purchase by owner-user Buck Design, and 710 S. Broadway’s $12.2 mil sale to Faramarzi Family Trust.

“Q1 2022 was a key moment for the DTLA economy,” noted Nick Griffin, Executive Director for the DCBID. “While our residential market had largely sustained DTLA throughout the pandemic, we are now seeing the hospitality, office, and retail markets join in the momentum, giving DTLA a truly diversified engine able to drive the market forward. And with LA’s largest workforce returning in greater numbers, the rest of 2022 should be exciting to watch,” Griffin concluded.


2022 Q1/Year-End Market Report Highlights:

Residential:

• 93.5% Occupancy rate for Apartments; 3.4% increase Year Over Year (YOY)
• $3.37 PSF Average for Apartments; 12.0% increase YOY
• $2,839 Average Effective Rent per Unit; 15.3% increase YOY

Office:

• 20.3% Office Vacancy; 12.8% increase YOY
• $3.81 PSF Class-A Lease Rate; 0.5% decrease YOY
• 456k sf YTD Leasing Activity; 44.3% increase YOY

Retail:

• 6.6% Vacancy Rate; 11.9% increase YOY
• $3.10 PSF Lease Rate; 3.0% increase YOY

Hospitality:

• 58.4% YTD Occupancy Rate; 82.5% increase YOY
• $193.00 YTD Average Daily Rate; 51.5% Increase YOY
• $112.8.00 YTD Average RevPAR; 176% increase YOY





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