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Download Report FOURTH QUARTER, 2OI7 DOWNTOWN LA MARKET REPORT YEAR-END REPORT Photos by Hunter Kerhart Q4 2017 MARKET REPORT ABOUT THE DCBID Founded in 1998, the Downtown Center Business Improvement District (DCBID) is a coalition of nearly 1,700 property owners in the central business district, united in their commitment to enhance the quality of life in the area. The organization has been a catalyst in the transformation of the Downtown Center District, turning it into a vibrant 24/7 destination. The mission of the Economic Development team is to improve and revitalize the District, and bring investment and new businesses to the area. We provide services to current and prospective residents, workers and businesses, including: • Development Consulting • Research and Information Requests • Events and Marketing • Monthly Housing and Office Tours • Customized Tours and Reports Whether you need information on new development, introductions to local decision-makers and influencers, or you just want to learn more about Downtown’s dynamic growth, we are the portal for information about the District and DTLA. To learn more about Downtown’s Renaissance and how to join us, visit www.DowntownLA.com. DEFINITION OF DOWNTOWN LA The DCBID defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the left. 2 Downtown Center Business Improvement District Q4 2017 MARKET REPORT TABLE OF CONTENTS 2017 YEAR IN REVIEW ......................................... 4 MARKET OVERVIEW Residential & Retail ........................................... 6 Office & Hotel ................................................... 7 2017 OVERVIEW .................................................. 8 5 DEVELOPMENT UPDATE Commercial Development Map .................... 11 Residential Development Map ...................... 12 Under Construction ....................................... 14 Proposed ........................................................ 16 FEATURED PROJECTS Major Mixed-Use ........................................... 19 23 Residential ..................................................... 20 Office .............................................................. 22 Retail .............................................................. 23 Hotel .............................................................. 24 Civic & Cultural .............................................. 25 SPOTLIGHT ON DTLA 25 Local Media .................................................... 26 US and Global Media ..................................... 27 Downtown Center Business Improvement District 3 Q4 2017 MARKET REPORT 2017 YEAR IN REVIEW The Downtown LA Renaissance reached new heights in 2017, showing continued strength across all sectors. Residential development led the way with a record-breaking 2,831 units coming to market this year at 11 projects. With almost 10,000 more units under construction and almost 30,000 units proposed, more records are likely to fall in the coming years. Although residential was the most active sector, the defining event of 2017 was the opening of the Wilshire Grand Center, an aspirational project that set a new bar for scale and sophistication. Among the retailers who arrived in DTLA in 2017, none was bigger than Nordstrom Rack, who opened at FigAt7th. Other high-end fashion retailers to open this year included COS, The Loit, and Le Box Blanc. Similarly, new restaurants such as Giulia, Rossoblu, Spire 73, and Broken Shaker expanded Downtown’s already impressive dining options. The end of the year brought an announcement that signals an even bigger future for DTLA. In December, LA City Council approved a $1.2 billion development proposal at the Angels Landing site, which would include the tallest tower in Downtown at 88 stories, featuring hotel rooms from SLS and Mondrian, condos, and a new charter elementary school. Q4 EXECUTIVE SUMMARY OFFICE RESIDENTIAL Brookfield, DTLA’s largest property owner, had two 184 new apartment units opened in Q4, representing 6% of pieces of big news in Q4. First, Bank of America agreed the total for the year. As a result, occupancy rates rebounded to renew their lease and take on an additional 60K SF to almost 90% as earlier openings continued to lease up. at their namesake tower. Second, they announced their partnership with Convene, a leading provider of meeting HOTEL spaces and hospitality services, with locations coming With its January 2018 opening, The NoMad Hotel has soon to Wells Fargo Center and 777 Tower. quickly become a high-end highlight, with sophisticated dining options and luxurious interior. Looking to the RETAIL future, LA City Council approved incentives for Lightstone In a historically symbolic changing of the guard, The Group for their proposed 1100+ room hotel near the LA Yellin Company sold the hugely successful Grand Convention Center. Central Market and Grand Central Square Apartments to Beverly Hills-based Langdon Capital for $98 million. CIVIC & CULTURAL Meanwhile, The Bloc continued to build their roster Developers Mack Urban and AECOM revealed their plans of new tenants with the openings of Urban Oven and for a new neighborhood park to be built along Grand Handcrafted LA. Avenue between 11th and 12th streets. KEY HIGHLIGHTS KEY STATS 2,831 184 $3.51 $2.89 New residential units New residential units Average Class A Rent Apartment Asking Rent opened in 2017 opened in Q4 Per Square Foot Per Square Foot Grand Central Market sold to Langdon Capital 17.7% Office Vacancy Rate The NoMad Hotel announced their January opening 59,889 Year-to-date office net absorption Bank of America renewed their lease and expanded $176.60 Hotel RevPar to 218K SF 4 Downtown Center Business Improvement District Q4 2017 MARKET REPORT Photos by Paul Redmond Downtown Center Business Improvement District 5 Q4 2017 MARKET REPORT MARKET OVERVIEW Metropolis Residential • E on Grand opened with 121 units in South Park, joining G12, 2 156 , OLiVE DTLA, and WREN on Pico Blvd. CONDOS UNDER CONSTRUCTION • In the Fashion District, 72 new units opened at the Grether & Grether Building in Santee Village. • Skid Row Housing Trust began site preparation for 649 Lofts at 7th & Wall with 53 units of low-income housing. Q4 2017 Q4 2016 Apartment Occupancy Rate 89.8% 88.9% Apartment Asking Rent Per Square Foot $2.89 $2.90 Metropolis Average Effective Rent Per Unit $2,478 $2,535 1.3m SQUARE FEET OF RETAIL SPACE UNDER Condo Sales 99 92 CONSTRUCTION Condo Price Per Square Foot $697 $613 2.5m PROPOSED Source: LA Lofts Realty, CoStar Retail Q4 2017 Q4 2016 • Social fashion startup CoBird leased the Million Dollar Theater and adjacent spaces for both retail and creative Vacancy Rate 4.5% 4.1% office uses. • National fitness chainOrangeTheory opened their first Average Rent Per Sq Ft $2.57 $2.63 DTLA location at 515 S. Figueroa. YTD Net Absorption 227,130 17,814 • LA-based footwear retailer WSS opened a Rookie USA “kids only” store at 6th & Broadway, their first Source: CoStar Downtown location. 6 Downtown Center Business Improvement District Q4 2017 MARKET REPORT Office • While vacancy rates ticked up slightly, rents continued to climb, 2.9m SQUARE FEET growing by over 15% over the past two years. OF OFFICE SPACE UNDER CONSTRUCTION • Jerde Architecture announced their move from Venice to The CalEdison at 5th & Grand Ave., taking approximately 21K SF. 2.2m PROPOSED • Adidas signed a lease at ROW DTLA for approximately 35K SF as part of the firm’s increased focus on North America. Q4 2017 Q4 2016 Vacancy Rate 17.7% 16.8% Class A Rent Per Square Foot $3.51 $3.34 Overall Rent Per Square Foot $3.51 $3.33 Park Hyatt YTD Net Absorption 59,889 227,328 1,516 HOTEL ROOMS UNDER CONSTRUCTION YTD Leasing Activity 3.1m 2.8m Source: CBRE 6,594 PROPOSED Hotel Q4 2017 Q4 2016 • RevPar has increased 23% since Q1 2015, due both to the increasing appeal of DTLA and the growing stock of YTD Occupancy Rate 80.6% 80.4% high-end hotels. YTD Average • ’s 1,162-room hotel proposal was $219.06 $214.00 Lightstone Group Fig+Pico Daily Rate approved for $103 million in incentives as part of the city’s goal to increase hotel stock near the Convention Center. YTD RevPAR $176.60 $172.05 • Developer PNK Group began work on a 180-room hotel at Source: LA Tourism and Convention Board 419 S. Spring St., to operate under the Cambria Hotel brand. Downtown Center Business Improvement District 7 Q4 2017 MARKET REPORT 2017 OVERVIEW SIGNIFICANT REAL ESTATE SALES Property Name Address Buyer Seller Price Q4 Grand Central Square 312 S. Hill & 315 S. Broadway Langdon Street Capital Yellin Company $77.7m & Market Dearden's 700 S. Main St. Urban Offerings Dearden's $41.6m The BankNote Press Building 1330 W. Pico Blvd Sandstone Properties Edward Israel $41.5m LA Chinatown Lofts 1101 N. Main St. Trammell Crow Company T A Patty Development, Inc. $24.0m Grand Central Market 312 S. Hill St. Langdon Street Capital Yellin Company $21.0m Q3 1211 E. Washington Blvd. 1211 E. Washington Blvd. Yousef Golbahary Atlas Capital Group LLC $17.0m Neman Real Estate Manufacturers Bank Bldg 200 S San Pedro St. Pedro LLC $14.3m Investments 1655 E. 14th St. 1655 E. 14th St. John Kim A.B.S. Clothing Company $7.8m 811-817 San Julian St. 811-817 San Julian St. Moses Babazadeh Meang Khy Chia $7.5m 701 E. 7th St. 701 E. 7th St. Gavriel Sfaee Gary M. & Terrie L. Liss Trust $6.0m 1030 S. Hill St. 1030 S. Hill St. Onni Group Harry Altman Trust $6.0m Q2 California Market Center 110 E. 9th St. Brookfield Office Properties Jamison Services $220.0m Met Lofts 1050 S. Flower St. Berkshire Group Klein Financial Corporation $128.5m Lennar Multifamily Investors Oakwood Olympic & Olive 1001 S. Olive St. R&B Realty Group $110.0m LLC Manchester Capital Fine Arts Building 811 W. 7th St. Sorgente Group of America $42.9m Management Q1 Joe's Auto Park 224 W. Olympic Blvd. Onni Group Hilary Garland $18.5m Community Housing Baltimore Hotel 501 S. Los Angeles St. Pacific Investment Group $16.5m Assistance Union Bank Building 120 S. San Pedro St.
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