Avison Young in Los Angeles - Downtown
Downtown Los Angeles encompasses 4.4 acres in the Los Angeles city core, bounded by key highways. Rich with amenities and iconic sites, Downtown L.A. is the epicenter of the Los Angeles region’s business, culture, retail, residential, education, entertainment, nightlife and sports. Nicknamed “DTLA”, Downtown L.A. is bounded by the 10, 110 and 101 freeways and the L.A. River, and consists of more than 18 districts and neighborhoods, each with its distinct identity. Downtown L.A. has a workforce population of more than 500,000 people, including the highest public-sector employment base outside of Washington D.C.
Annually, more than 15 million tourists visit DTLA, generating millions of dollars in tax revenue. Downtown is home to L.A. LIVE, an entertainment mega-complex in the South Park District. The Los Angeles Clippers, Lakers, Sparks and Kings play in the STAPLES Center, attracting millions of people annually to the venue.
Downtown L.A. has the region’s most intricate collection of 19th and 20th Century Beaux-Arts commercial architecture. Iconic sites such as Angels Flight, Bradbury Building, Vibiana Cathedral and Pershing Square preserve DTLA’s rich historic and cultural heritage. Contemporary venues include Walt Disney Concert Hall, Music Center, the Cathedral of Our Lady of the Angels and Grand Park.
Renowned education facilities, including Fashion Institute of Design and Merchandising (FIDM), Southern California Institute of Architecture (Sci-Arc), Colburn School and University of Southern California (USC) are located in Downtown L.A. In the past decade, the private sector has invested $16 billion into Downtown Los Angeles. With more than 20 hotels, 15 museums, 50 bus routes, five metro lines, 3,000 places to shop and hundreds of restaurants, Downtown L.A. is one of the most dynamic urban cores in the world.
Downtown L.A. has an office market base of 33.5 million square feet across the central business district. Prominent office sectors include finance, real estate, business and professional services, and legal services. Growing sectors include technology, entertainment, architecture, and creative disciplines. In recent years, over 700,000 square feet of tenants moved into or opened second offices in Downtown Los Angeles. The variety of office selection, coupled with the ease of access into the region, makes Downtown L.A. an ideal business core.
Scores of new retail and hospitality establishments have opened in the past few years, adding to the rich amenities base for residents, employees and visitors.
Retail rents continue to rise in Downtown L.A., attributable to the solid population growth, key construction, and strong hospitality and nightlife performances.
In October 2012, City Target opened at the FIGat7th complex, adding another national name to the Downtown L.A. retail landscape. Whole Foods opened in 2015, providing grocery amenities for residents and employees. Various additional national retailers will be opening in DTLA in the coming years.
The opening of the Ritz-Carlton Residences and JW Marriott at the L.A. LIVE campus in 2009 elevated Downtown’s hospitality ranking. As pipelined hotels open such as the transformative Wilshire Grand Center later this year, Downtown L.A. will be a premium convention center destination.