DOWNTOWN LOS ANGELES
Arts District, Chinatown, Civic Center, Fashion District, Financial District, Little Tokyo, Historic Downtown LA, South Park, and more.
Rent Rate (sf/mo)
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q4 - 2021
- Q4 - 2022
- Q4 - 2023
Leasing Market Overview
MEASURING Q4 2023Downtown Los Angeles experiences diverse demand for retail properties, driven by various sources. The area boasts a population of approximately 75,000 residents, with an additional 200,000 commuters during the week. Furthermore, tourism contributes significantly, with around 15 million visitors annually. The current vacancy rate for retail properties in Downtown Los Angeles is 7.4%, surpassing the L.A. retail market average of 5.3%, excluding ground floor retail within office and multifamily properties.
The shift towards hybrid work and a gradual return in tourism has impacted the local retail market, leading to modest leasing activity since the onset of the pandemic. Recent notable tenants include K & L, leasing 12,000 SF at 310 Los Angeles St., and Good Repository, leasing 1,800 SF at 212 W Fifth St. Pre-pandemic, prominent tenants such as Target, Uniqlo, Ralph’s, and Whole Foods were part of the leasing landscape. The dining scene features top-rated restaurants in both the central business district and the Arts District.
Long-term demand is driven by the execution of the Downtown Community Plan update (DTLA 2040), aiming to support legacy businesses and streamline adaptive reuse ordinances. The Metro Regional Connector project has recently connected the Metro Gold Line to the 7th Street/Metro Center Station, significantly enhancing public transit access to Downtown.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Dec-23 | Jan-24 | 1013 Crocker St | 1,700 | 4.50 | 21 | CBRE |
| 2 | Dec-23 | Jan-24 | 423 W 8th St | 1,550 | 4.50 | 2 | Coldwell Banker Alliance Group |
| 3 | Dec-23 | Dec-23 | 1140-1146 S Main St | 2,300 | 1.25 | 6 | realestatela.com |
| 4 | Nov-23 | Dec-23 | 949 Chung King Rd | 1,200 | 2.50 | 5 | eXp Realty of California Inc. |
| 5 | Nov-23 | Dec-23 | 1100-1108 S Main St | 2,092 | 1.20 | 14 | realestatela.com |
| 6 | Nov-23 | Dec-23 | 758-768 S Los Angeles St | 4,800 | 1.67 | 8 | Park Industrial Realty |
| 7 | Nov-23 | Dec-23 | 1415-1467 Maple Ave | 1,792 | 1.34 | 2 | Aflalo Equites, LLC. |
| 8 | Oct-23 | Oct-23 | 1415-1467 Maple Ave | 924 | 1.62 | 1 | Aflalo Equites, LLC. |
| 9 | Oct-23 | Nov-23 | 212 W 5th St | 1,000 | 3.00 | 8 | Citify Management Group |
| 10 | Oct-23 | Nov-23 | 1201 S Hope St | 1,375 | 3.75 | 64 | Kennedy-Wilson Properties, Ltd. |
SOURCE: CoStar