DTLA Q2 2017
Momentum, Momentum, Momentum. Growth, crazy growth and deveopment all over DTLA. The highlight was the opening of the Intercontinental DTLA at the Wiltshire Grand (See our Intercontinental Story).
With the opening of Trumark’s Ten50 in Q1 and the Metropolis Q2, Q2 condo sales jumped 400% to 423 units.
Turning to rentals, over 1,000 units came on the market from the Atelier, WREN, and G12.
More to come no doubt coming……
There are currently 21,021 apartments in DTLA. An increase of 1,072 from Q1 with the openings of Atelier, G12, and the WREN.
423 new units broke ground in Q2 2017 whereas in Q1, 550 new aparpments went under construction. There are 8,980 additional units under construction a drop with the recent wave of openings.
In Q2, the number of units in the proposal stage jumped from jumped to 24,514 from Q1’s 23,772 in the pre-construction pipeline.
- Occupancy rate is fell from Q1 89.8% to 86.3%. This is based on the wave of new openings.
- Rental price went from increased to $2,92 from Q1’s $2.80 per square foot.
- Per-unit rental price dropped slightly to $2545 from Q1’s $2,573 average rent-per unit.
Featured Condo projects include:
- WREN – 7-stories, 362 units ranging from 662 to 1268 square feet.
- G12 – 7-stories, 347 units ranging from 460 to 609 square feet. Opened in Q2.
- Atelier – 33-stories, 526 units, 10,000 sf of retail, recently opened and renting!!
There were a total of 423 Condo sales in Q1 2017 at $828 Sft. A considerable jump from Q1 where only 88 Condos were sold at an average price of $650.
In 2016, there were 88 Q1 sales with an average price of $675.
There are currently 6,095 condos in DTLA and 1,705 under construction. A jump from Q1 when there were 5,787 DTLA condos 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 an additional 7,800 in the next few years.
There are a further 4,685 Condos in the proposal stage, when these are complete, the total inventory will rise an additional 12,485 over today’s inventory.
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:
- Intercontinental Hotel – Tallest building west of the Mississippi opens at 7th and Figueroa.
- California Market Center – Purchased by Brookfield.
- Spaces – Dutch co-working provider who took 51,000 SF at ROW DTLA
- Marsh & McLennan – Global professional services firm took three floors at the US Bank Tower Building.
- Freehand Hotel – Opened on 4th with 250 rooms, new stunning restaurant and lobby restoration.
- L.A State Historic Park – 34 acre park opened near Chinatown.
- Maxwell Coffee Building – Construction began on Hudson Pacific Properties conversion of additional 56,000 SF of creative offices.
- Prawn – Fast-service fish with broth-based, seafood-focused dishes cooked in steel-jacketed steam kettles comes to the Grand Central Market.
- Rossoblu – Plates of handmade pasta and grilled meats comes to City Market South fromSteve Samson, one of the city’s best Italian-cooking chefs.
- Foot-Locker – Announces a 19,000 SF Jordan Brand store on Broadway. The revitalization of Broadway continues.