Dotted with sleek skyscrapers and ornate historic buildings, Downtown Los Angeles (DTLA) currently contains 37.3 million square feet (msf) of office inventory and 101.0 msf of industrial inventory. A longtime business hub, DTLA is shifting toward a dynamic live/work/play environment, with a rise in multifamily construction and office development, and an influx of trendy retailers and restaurants in recent years.
This process has reshaped submarkets like the Arts District, a formerly industrial zone that has seen a meteoric rise over the past decade and now garners the highest asking rents of any DTLA neighborhood. Major tech, media and entertainment tenants are repurposing the district’s former warehouses into contemporary creative offices, with Spotify, Warner Music Group, and Honey all signing 100K+ SF deals in the past few years.
The arrival of creative/tech occupiers is a major change for DTLA, which has generally been home to more traditional office tenants in legal, finance and the public sector. Another key trend is the embrace of adaptive reuse by developers as they renovate storied buildings to serve new purposes.
Looking Beyond Downtown Los Angeles?
Cushman & Wakefield has a powerful market presence throughout Southern California, with five offices and more than 150 brokerage professionals covering all submarkets and product types. Additionally, our clients benefit from market intelligence and insights drawn from 400 additional global offices in 70 countries.
