DOWNTOWN LOS ANGELES
Arts district, Chinatown, Civic Center, Fashion District, Financial District, Little Tokyo, Historic Downtown LA, South Park, and more.
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- DEALS LEASED 2021
- DEALS LEASED 2022
Leasing Market Overview
Comparing 2021 vs 2022It is no surprise that the rise and peak in the inflation rate during this year has stomped retail leasing activity throughout all sectors. Downtown Los Angeles is no exception. On average, DTLA experienced lower deals leased in 2022 vs. 2021, with an approximate 35% decrease in lease transactions overall. Due to a shift towards subleasing demands, 22Q4 experienced a net positive absorption rate, albeit a steep dropoff from the previous two quarters.
However, with the end-of-the-year rates previewing a cooling trend, CoStar data is starting to show a minor dip in vacancy rates, alleviating some of the high vacancies we have seen this year.
With the completion of the Metro Regional Connector forecasted for 2023, three new underground stations will extend from the L Line (Gold) in Little Tokyo and Arts District communities to the A (Blue) and E (Expo) Lines at 7th Street/Metro Center Station. Retailers can look forward to transit consumers being spread out evenly throughout DTLA.
Although retail will need to find a more stable footing in filling vacant space, we can expect a less severe downturn for retail in the upcoming year.
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-23 | 800 Wilshire Blvd Los Angeles | 2891 | 12 Mos | Onni Group | |
| 2 | Dec-23 | Jan-23 | 908 Santee St Los Angeles | 2200 | $24.00 | 2 Mos | South Park Group, Inc. |
| 3 | Dec-23 | Jan-23 | 1048-1050 S Los Angeles St Los Angeles | 275 | $67.20 | 3 Mos | Coldwell Banker Commercial Realty |
| 4 | Dec-23 | Jan-23 | 1201 S Hope St Los Angeles | 1103 | $48.00 | 54 Mos | Kennedy-Wilson Properties Ltd |
| 5 | Dec-23 | Jan-23 | 646-654 N Spring St Los Angeles | 7502 | $45.00 | 20 Mos | Industry Partners |
| 6 | Nov-23 | Nov-23 | 1200 S Wall St Los Angeles | 1350 | $36.00 | 7 Mos | CBRE |
| 7 | Nov-23 | Dec-23 | 221-227 E Pico Blvd Los Angeles | 2000 | $36.00 | 4 Mos | North American Commercial Indus. |
| 8 | Nov-23 | Dec-23 | 1301 W 7th St Los Angeles | 1500 | $33.60 | 18 Mos | NAI Capital |
| 9 | Nov-23 | Dec-23 | 1301 W 7th St Los Angeles | 1500 | $33.60 | 18 Mos | NAI Capital |
| 10 | Nov-23 | Dec-23 | 123 S Onizuka St Los Angeles | 3250 | 35 Mos | District Realty Group | |
| 11 | Nov-23 | Dec-23 | 261-275 E Olympic Blvd Los Angeles | 1000 | $42.00 | 34 Mos | Tiferet LLC |
| 12 | Nov-23 | Dec-23 | 777 S Alameda St Los Angeles | 2858 | $33.60 | 8 Mos | Atlas Capital Group LLC |
| 13 | Nov-23 | Nov-23 | 400 S Hope St Los Angeles | 6797 | $24.00 | 12 Mos | CBRE |
| 14 | Nov-23 | Dec-23 | 752 S Main St Los Angeles | 500 | $60.00 | 19 Mos | Innovative Real Estate |
| 15 | Oct-23 | Nov-23 | 208-210 W 14th St Los Angeles | 1250 | $24.00 | 2 Mos | Coldwell Banker Commercial Valle. |
| 16 | Oct-23 | Nov-23 | 630 S Los Angeles St Los Angeles | 1155 | $36.36 | 28 Mos | Samko General Partnership |
| 17 | Oct-23 | Dec-23 | 2020-2028 E 7th St Los Angeles | 7654 | 23 Mos | Method Commercial | |
| 18 | Oct-23 | Nov-23 | 800 W Olympic Blvd Los Angeles | 7842 | 7 Mos | CBRE | |
| 19 | Oct-23 | Nov-23 | 1051 S Broadway Los Angeles | 3800 | $48.00 | 33 Mos | Newmark |
| 20 | Oct-23 | Nov-23 | 933 N Broadway Los Angeles | 5000 | $19.20 | 6 Mos | Coldwell Banker Commercial Realty |
| 21 | Oct-23 | Nov-23 | 340 E 2nd St Los Angeles | 2493 | 20 Mos | Kidder Mathews |
SOURCE: CoStar