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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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Downtown Los Angeles Real Estate Market Report July 2021

Up or down? Urban home prices continue to plummet.

Residential Property Prices Update

Urban L.A. home values continue to drop, as they take longer to sell. Motivated home buyers get more scarce in an economy that bears less and less resemblance to the America that we once knew. While radical money printing can prop up the casino-like stock market seemingly almost forever, Americans have grown weary of artificially propped up housing prices. The temporary pandemic real estate boom of 2020 is long gone as families have completed their staycation home improvement expansions, and finished their safer residential suburban neighborhood purchases. Today, the market must unwind the slow, painful way, the traditional way when prospective investors realize that long-term prospects are not at all exciting. Like most other major metropolitan areas, DTLA did not take part in the 2020 hot suburban real estate market.

What took just 18 days to sell in July 2020 now sits 49 days on the market in July 2021. Lofts are down $40,000 this year. Downtown LA median price July 2021 of $525,000 sold in 2020 for $565,000. | PDF REPORTS: JULY 2020 | JULY 2021

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L.A. loft prices drop by $40,000 in 2021.

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.