Amid DTLA resi building boom, young and wealthy renters say it’s a food desert

Los Angeles /
Mar.March 19, 2018 01:30 PM
(Credit: Wikipedia)

Residential construction is on the upswing in Downtown Los Angeles, geared in large part to the young and wealthy Angelenos. But construction has outpaced retail options, particularly grocery stores, according to a new survey.

The Downtown Business Improvement District surveyed more than 6,000 people, finding 80 percent of respondents wanted more retail options. More than 60 percent of those surveyed put additional grocery store options on their list. The store? Trader Joe’s. The BID surveyed people over the course of a month, starting in mid-September.

The survey estimated that 65,000 people now live Downtown, up from 58,700 three years ago.

The median income of survey respondents was around $98,000 per year. More than 70 percent were not married and nearly half were between 18 and 35 years old. About three quarters of the respondents who live and work in DTLA or who live only Downtown were renters.

Over the last few years, developers have invested heavily in residential construction Downtown to meet the strong demand for units, particularly in the luxury sector.

That created something of a glut last year. At the beginning of 2017, the vacancy rate reached 12.4 percent across the board and 16 percent in the luxury sector. More than 1,600 luxury units came online in the first half of last year alone and were quickly scooped up, dropping the vacancy rate to 10.3 percent by the end of the year.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Los Angeles City Council member Kevin de León

New LA Council member who won Huizar’s vacated seat vows affordable housing push

New LA Council member who won Huizar’s vacated seat vows affordable housing push
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
Brookfield CEO Brian Kingston and 725 South Figueroa Street

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza

Here’s what tenants pay at Brookfield’s 950K sf Ernst & Young Plaza
Colony’s Tom Barrack,, One California Plaza, and Rising CEO Christopher Rising (Credit: TM/Bauer-Griffin/GC Images via Getty Images, Tiffany Rose/Getty Images)

Here’s what tenants pay at Colony Capital & Rising Realty’s One California Plaza

Here’s what tenants pay at Colony Capital & Rising Realty’s One California Plaza
Korean Air chairman and CEO Walter Cho Won-tae and the Wilshire Grand Center at 900 Wilshire Boulevard (Credit: Jae Joon Lee via Wikipedia and Fredchang931124 via Wikipedia)

Korean Air eyes sale of Wilshire Grand

Korean Air eyes sale of Wilshire Grand
OUE Limited executive chairman and CEO Stephen Riady and Silverstein Properties’ Larry Silverstein, with US Bank Tower at 633 West Fifth Street (Credit: Spencer Platt/Getty Images, and Wikipedia)

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy

“I believe in the future of Downtown Los Angeles”: Silverstein closes US Bank Tower buy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...