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DTLA Will See 14,000 Units in 5 Years

LOS ANGELES—Development in Downtown Los Angeles is stronger than ever, with 40 residential projects underway and several major retail and hotel projects, making downtown one of the country's hottest markets.

By Kelsi Maree Borland | Updated on June 19, 2015

LOS ANGELES—In the next five years, 14,000 apartment units will come online in Downtown Los Angeles. The development boom, as we all know, is part of the ongoing downtown renaissance campaign to create a strong urban core in our city. According to a recent JLL report, there are currently at least 40 apartment projects underway and several major retail and hotel developments, all of which are making downtown one of the hottest submarkets in the country.

“Multifamily has always been a catalyst of development in Southern California, and it is primarily the focus downtown for that reason, and because downtown is a relatively easy environment to get buildings entitled and built,” Rob McRitchie, VP at JLL, tells GlobeSt.com about the influx of multifamily development. “Then, there is the macro focus that people really want to live in urban areas. It has been a shift over the past 10 to 12 years, and that is continuing. We are always undersupplied, so you could never deliver enough apartment units each year to keep up with demand; that is just a fact in L.A.”

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