Los Angeles

Downtown Los Angeles' apartment market is growing rapidly. Last year, there were 4,447 new units delivered in the Downtown Los Angeles market, a 35% increase over the previous year and a new record for the submarket, according to a report from the DCBID. With the new deliveries, the apartment vacancy rate increased 2.9%; however, rents remained flat at $3.22 per square foot and effective rents increased 1.4%.

"We could see the record coming. It was not a surprise to see that the number of units pushed up close to 4,500, especially when we saw the number of units delivered in the fourth quarter," Nick Griffin, executive director at the DCBID, tells GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.