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

Survey finds 60% of people put more grocery stores at the top of their wishlist

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
Experts warn that the pandemic will bring a surge in evictions and put more people at risk of becoming homeless. (LACC)

LA mulls using Convention Center as temporary homeless shelter

LA mulls using Convention Center as temporary homeless shelter
(iStock)

LA County sued over commercial eviction moratorium

LA County sued over commercial eviction moratorium
The future of San Francisco’s Oceanwide Center is up in the air again (Getty, Foster and Partners)

Contractors pull out as Oceanwide Center sale falls through again

Contractors pull out as Oceanwide Center sale falls through again
Left to right: Viceroy L’Ermitage Beverly Hills and THEA at Metropolis in Downtown (Google Maps, THEA)

Greenland lands $250M loan for THEA at Metropolis rental tower

Greenland lands $250M loan for THEA at Metropolis rental tower
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
arrow_forward_ios

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

Loading...