the sign of a Profitable Property

Market Report: 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


  • Q1 - 2022
  • Q1 - 2023
  • Q1 - 2024

Leasing Market Overview


The Downtown Los Angeles retail submarket is navigating through a dynamic leasing landscape, influenced by shifting consumer behaviors and evolving urban dynamics. Despite the ongoing remote work trend impacting office utilization, there’s a notable resurgence in foot traffic as patrons return to theaters and sporting events, sparking renewed interest in vacant restaurant spaces. However, the vacancy rate remains slightly elevated compared to the metro average, primarily due to the presence of aging properties. While some areas like the Financial District, Arts District, and South Park have witnessed successful leasing endeavors, particularly in the restaurant sector, closures still outpace openings. Nevertheless, the influx of multifamily housing developments and key projects like Related California’s The Grand have positioned the area as an attractive destination for both restaurateurs and retailers alike, with renowned brands like Apple strategically establishing a presence along the bustling Broadway corridor.

Amidst this leasing landscape, capital markets within the submarket have experienced a slowdown in transaction activity since 22Q3, with institutional capital exhibiting caution in significant acquisitions. This cautious approach is further compounded by the implementation of the ULA transfer tax in the previous year, contributing to a decline in investor appetite. Despite these challenges, the adaptive reuse of retail spaces, exemplified by Apple’s store on Broadway, underscores the potential for creative solutions to revitalize the retail sector. As the market continues to adapt to changing consumer preferences and economic conditions, stakeholders are increasingly focusing on innovative strategies to capitalize on emerging opportunities while addressing the evolving needs of the Downtown Los Angeles retail submarket.


No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Mar-24 Apr-24 500 W 7th St 1,100 2.00 23 Kennedy-Wilson Properties, Ltd.
2 Mar-24 Apr-24 333 S Spring St 2,947 3.25 34 illi Commercial Real Estate
3 Mar-24 Apr-24 333 S Spring St 2,748 3.25 77 illi Commercial Real Estate
4 Mar-24 Mar-24 1327 Willow St 11,200 2.25 12 Zacuto Group
5 Feb-24 Mar-24 951 Crocker St 2,000 1.25 1
6 Feb-24 Mar-24 1107-1109 E 12th St 925 4.00 4 DAUM Commercial Real Estate
7 Feb-24 Mar-24 888 S Figueroa St 2,880 5.00 35 Brandon Cohan Real Estate
8 Feb-24 Mar-24 219-239 E 12th St 7,500 1.85 3 John Minasyan
9 Feb-24 Mar-24 121 E 6th St 1,200 2.00 12
10 Feb-24 Mar-24 1201 S Hope St 1,375 3.75 64 Kennedy-Wilson Properties, Ltd.


Successful Client

illi Commercial Real Estate sits down with passionate restauranteur, Cesar Garcia, to discuss his new location for Papa Juan’s Baja Grill.

Papa Juan’s Baja Grill is a restaurant that has been delighting customers with its delicious, homemade recipes inspired by Baja cuisine. With 14 years of experience in the industry, the owner’s passion for food and dedication to customer service shines through.

Learn about his journey from cooking for friends and family to opening a food truck and brick-and-mortar location. Don’t miss the exciting news about the upcoming Northridge location and the owner’s other restaurant concepts.