![]() The average rent for a one-bedroom apartment is about $2,500.īut with so much construction happening so fast, the vacancy rate has climbed to about 9 percent - the highest in Los Angeles. Over the last five years, Chinese developers have sunk more than $4 billion into upscale apartments and hotels, according to Transwestern. “Overseas investors and developers are really looking to place money here in the U.S., which is seen as a safe investment environment,” Soto explained. Since 2000, about $30 billion has poured into downtown construction, which has led to more than 200,000 new jobs, according to Schatz.ĭowntown LA has also been getting attention from foreign investors, said Michael Soto, researcher at the real estate firm Transwestern. “It became a cool place to live, and that has generated new office development and new retail development,” he explained. ![]() “In a lot of places, you’ll see new offices or new retail centers being built, and the housing will follow where the jobs and people are going,” said Steve Basham, a market analyst with CoStar.īut in Los Angeles, the housing came first. Then the financial crisis hit.īut when the economy began to recover, LA’s downtown was ready. Lots of new housing came onto the market. The revitalization started in the early 2000s after the city made it easier to convert blocks of old office buildings into apartments. Since 2010, 115 new retail, housing, hotel and office projects have been built downtown, according to real estate data firm CoStar. The 73-story skyscraper, which includes hotel rooms and office space, will be the tallest building west of the Mississippi once it’s finished later this year. Schatz pointed to the Wilshire Grand Center, a gleaming $1.2 billion tower.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |