Category: commercial

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Commercial Office Projects Spawning New Growth in the Arts District

Continued commercial and residential development are a certainty in the Arts District.

Developers and investors have poured money into the Arts District for several years, buying up former industrial properties to transform into offices. There seems to be a move to build on the early successes in the Arts district as even more projects and leases are taking shape into the future.

Builders have continued to pursue projects throughout the pandemic. A handful of new efforts have also surfaced in the past year or so. In addition, the city continues to invest in parks and public services to meet the future demand of both residents and office workers.

In late April, Continuum Partners announced plans to build a 10-building mixed-use complex where Los Angeles Cold Storage now sits at Central Avenue and Fourth Street.

Existing commercial projects are acting as anchors for even more growth in commercial office space. One project owner wants to build a 470k-square-foot office and retail building next to the existing Ford Factory building.

Even with the downturn due to the pandemic leased space is not going unused. A lease given up by a shared office space start-up was quickly snatched up by a milk of the earth company known for oat and almond milk. This is a sign of both confidence and diversity in what types of companies are drawn to the Arts District now and in the future.

#ArtsDistrict #Entarispowerful

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The Arts District is receiving city support to develop and upgrade public services

Copyright © This free information provided courtesy L.A. Loft Blog with information provided by Corey Chambers, Realty Source Inc, DRE 01889449; MPR Funding Inc NMLS 2000513. We are not associated with the seller, homeowner’s association or developer. For more information, contact 213-880-9910 or visit LALoftBlog.com  Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.

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Los Angeles Real Estate Sales Slow Dramatically During Lockdown

Residential and commercial real estate have slowed dramatically during the virus hysteria of 2020. Home sales and rentals have slowed to a crawl, while brick and mortar business space lease has all but stopped as more than 20% of retail shopping store tenants are either late or completely out of business.

“We have seen sale numbers across the board drop like I have not seen before,” said Jack Livingston, a research analyst at Avison Young.

In May $332 million of retail, office, industrial and apartment products sold in Los Angeles County, according to NKF data. That’s far below the $1.66 billion in sales last May as reported by the L.A. Business Journal.

For Downtown Los Angeles residential lofts and condos, the recent panic has placed the nail in the coffin, turning what was already a falling market into a blighted zone of tent encampments and exploding condo inventory. The L.A. Loft Blog shall delay the reporting of June DTLA sold home price market data. That report is expected to be released around Thursday July 9. Currently, the Loft Blog is preparing to add a unique series of helpful news about coming financial assistance for home sellers, buyers and renters, with various programs offering loans from $5,000 to $10 million. Those article are also expected to begin in July.

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Downtown loft sales and rentals slow, but not as much as retail.

Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE 01889449 We are not associated with the homeowner’s association or developer. For more information, contact 213-880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.