Q1 Residential Report

Get some basics on DTLA Real Estate from Q1.

DTLA Q1 2017

The DTLA BOOM continues with crazy growth and development everywhere: fashion, dining, grocery, national brands, and of course real estate!!

DTLA’s population is exploding 30% from 65,000 from 85,000 in the next few years.

Trumark’s Ten50 was the first new condo tower to open since the recession and has had strong sales.

More to come no doubt coming……

 

DTLA

DTLA Apartments

There are currently 19,949 apartments in DTLA.

550 new units broke ground in Q1 2017 including the AMP Lofts. There are 9,462 additional units under construction.

In Q1, 3,800 new units were proposed with a total of 23,772 in the pre-construction pipeline.

Key Metrics:  

  • Occupancy rate is 89.8%
  • $2.80 per square foot
  • $2,573 average rent-per unit.

Featured Condo projects include:  

  • Park Fifth – 7-stories, 313 units and 7,500 of retail is under construction; completed 2018.
  • Grand Hope Lofts – 33 stories, 526 units, under construction; completed in 2018.
  • Atelier – 33 stories, 526 units, 10,000 sf of retail, recently opened and renting!! Go check it out.

DTLA Condos

There were a total of 88 Condo sales in Q1 2017 at $650 Sft.

In 2016, there were 92 Q1 sales with an average price of $632.

There are currently 5,787 condos in DTLA and 2,770 under construction.

Condos under construction include the Metropolis Phase II, Oceanwide Plaza, Mack Urban Phase II and 1133 Hope Tower.

Between existing inventory and condos under construction total inventory will rise to 8,557 in the next few years.

There are a further 4,900 Condos in the proposal stage, when these are complete, the total inventory will rise to almost 13,500.

 

Metropolis towers in bacgkround

Featured Condo projects include:

  • Metropolis – Mixed use with Condos, Hotel Indigo and 60,000 SF Retail space with the first Condo tower open and Towers II and III under construction.
  • Oceanwide Plaza – South Park development near L.A. Live with 504 condos, 184 hotel rooms, and 200,000 Sqft. Of retail under construction.
  • 1020 S. Figueroa – Proposed South Park development will have 650 condos, 250 hotel rooms and 80,000 of retail space.

Notable DTLA updates:

  • Nordstrom Rack at Brookfield’s FIGat7th announced.
  • Opening of Hotel Indigo part of the Metropolis complex
  • Tuck Hotel opened in South Park
  • Brigade LA fashion opened in L.A. Live at the Marriott by Courtyard
  • Blu Jam Café – Announced for June opening.
  • Bar Clacson – Opened at 351 S. Broadway
  • Incase – Flagship store for the bags and accessories brand is announced for mid 2018
  • Shake Shack – Opening 2017 on the corner of 8th and Hill.
  • Starbuck’s Reserve – Opening soon at the BLOC
  • Sweetgreen – Opened 7/6/2017 in Historic Core.
  • Popbar –  700 S Flower opening soon at the BLOC
Popbar coming to theBLOC
Dino Buiatti

Dino the Real Estate writer for Happening in DTLA.

Originally from Hollywood, he began his professional career building sophisticated software solutions in New York. He left the software industry in 2007 to move back home and join the emerging DTLA Metropolis!!

Having traveled extensively and lived in New York, London and Munich, he knows L.A.’s the greatest of them all. He is passionate about writing about all things L.A.; especially DTLA, it's history, the beautiful Pacific and INTERESTING things, people, ideas and stories!!
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Give Him A Call: (213) 270-5613
Website: http://www.dinobuiatti.com/?Src=HIDTLA
Email: dino@dinobuiatti.com