Growing Retail Amenities Boost to Los Angeles' Downtown Office Market.
May 21, 2012
By: Patricia Kirk

Los Angeles’ CBD office market has not experienced ups and downs in rents and vacancy rates like the city’s Westside and other local markets. Brokers and building owners attribute downtown’s consistency to a growing residential population and retail and cultural amenities, as well as the improving mass transit system, which includes rail, subway and bus rapid. All of these changes are helping downtown offices recruit and retain employees. ...

... Additionally, the City of Los Angeles plans to renovate and expand the adjacent Los Angeles Convention & Visitors Bureau. ...

... “There’s lots of excitement about the football stadium,” says Andrew Lustgarten, managing director of the downtown office of Studley, an international brokerage firm. “It would be a big win for downtown L.A. and really fuel the market—bring in lots of media and vendors.” ...

... National architecture firm Gensler has been a vital part of the downtown L.A. transformation to a live/work/play environment and is the proposed architect for the new football stadium. ...

... Historically, institutional investors have been cautious about committing to downtown, but the market’s growth over the last five years is attracting pension funds and other institutional investors. Offshore groups are also showing interest. ....

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