Photo by Kelvin Cheng
ABOUT DTLA ALLIANCE
Founded in 1998, the DTLA Alliance has been a catalyst in Downtown Los Angeles’ transformation into a vibrant 24/7 mixed-use destination for over 25 years. A coalition of more than 2,000 property owners in the Downtown Center, the DTLA Alliance is committed to enhancing the quality of life in Downtown LA.
The mission of the Economic Development team is to ensure that DTLA remains the premier choice for office, residential, hospitality, retail, and cultural investment. We provide services to support and promote investment and development in DTLA, including:
•Market & Research Reports
•Tours & Events
• Development Consulting
• Requests for Information
•Press & Media Inquiries
Whether you need information on construction and development, insights on the DTLA market, finding a location for your business, or you just want to learn more about Downtown’s market sectors and dynamics, we are your best source for information about DTLA
To learn more about the Downtown LA and the DTLA Alliance, visit DowntownLA.com
DOWNTOWN CENTER
DEFINITION OF DOWNTOWN LA
The DTLA Alliance defines Downtown Los Angeles as the area bounded by the 110, 101 and 10 freeways and the LA River, plus Chinatown, City West, and Exposition Park. The projects contained in this report are within a portion of Downtown Los Angeles, shown on the map to the left.
EXECUTIVE SUMMARY
The fourth quarter of 2024 included a variety of openings and transactions that signal positive momentum for DTLA’s future. Among these, none was bigger than the opening of Alloy, the Arts District megaproject consisting of 475 apartments, 105,000 SF of office space, and 20,000 SF of street-level retail space.
In addition to the mostly market rate rentals at Alloy, DTLA welcomed projects that bring much-needed affordable housing and condo units to the area. The Weingart Center opened the first of three towers they are developing, this one consisting of 278 permanent supportive units. Also opening in Q4 was Little Tokyo’s Hiro House , which has 77 condo units. Much more new residential development is anticipated following the approval on December 4th of the new DTLA Community Plan (DTLA 2040) that is intended to support 100,000 new units.
On the office front, the big news of the quarter was the completion of the sale of The Gas Company Tower to Los Angeles County. With the tower’s namesake tenant planning to move up the hill to City National 2Cal, LA County plans to consolidate several of their DTLA facilities into the building. The other big news in the office sector was the announcement that LA28 had leased 160,000 SF at South Park Center, as the headquarters for planning and preparation of the 2028 Olympic Games.
DTLA’s food and beverage scene continues to thrive, having already welcomed over 130 new establishments since the end of the pandemic, including 34 in 2024. Q4 saw the Chinatown opening of the third location of Goldburger, which was voted Best Burger in LA at the 2019 LA Food & Wine Festival. Another welcome addition is Settecento, which has transformed the former Café Pinot space at Maguire Gardens into a delightfully open and airy Italian bistro featuring handmade pasta and wood-fired pizza, and serving breakfast, lunch, and dinner.
Finally, the hospitality sector also continues to hum, with occupancy and RevPAR maintaining their strong performance of the last several quarters. In Q4, work began on transforming the currently vacant Mart South Building at Olympic and Main into the second LA location for Paris-based Mama Shelter
Q4 KEY STATS
$3.81
3 , 286 RESIDENTIAL UNITS UNDER CONSTRUCTION 28 ,912 PROPOSED 10 , 751 HOTEL ROOMS IN DTLA 1, 237 UNDER CONSTRUCTION 5 , 888 PROPOSED
Q4 KEY HIGHLIGHTS
Alloy opened in the Arts District with 475 apartments, 105K SF of office space and 20K SF of retail
The Gas Company Tower was sold to Los Angeles County with plans to relocate several departments LA28 leased 160K SF at South Park Center where preparations will begin for the Olympic Games
MARKET OVERVIEW
Source: CoStar
MARKET OVERVIEW Visitation Insights
After a significant recovery in 2020 and 2021, visits to DTLA have remained within a range of 8-10 million per month, which is just slightly below the average experienced prior to the pandemic.
After mostly stalling in 2023, workplace visitation showed some positive signs in 2024. The total number of workers per month reached a new post-pandemic high in Q4, though monthly visits per worker dropped to the lowest level since Q2 2021—likely influenced by Christmas and New Years falling in the middle of the week.
DTLA 2040
The new Downtown Community Plan that was adopted in 2024 provides a blueprint for the next phase of residential growth. It not only increases Downtown’s overall capacity for new residential development, it includes several key provisions that will encourage increased density by providing incentives and eliminating requirements.
KEY FEATURES OF NEW COMMUNITY PLAN
• Increase the portion of Downtown where housing can be built by-right from 33% to 60%
• Updated zoning and land use designations are more tailored to current uses
• 3-level Community Benefits Program provides density bonuses for including affordable housing, open space/community facilities, and contributing to a community benefits fund
• Elimination of parking requirements, allowing developer to assess their needs
• Expansion of adaptive reuse to include any building that is more than 25 years old
EXPANSION OF BY-RIGHT RESIDENTIAL DEVELOPMENT
FEATURED OPENINGS
The first high-rise development in the Arts District features 475 apartments, over 100F SF of office space, and 20K SF of street-facing retail.
WEINGART TOWER
One of the largest permanent supportive housing projects in DTLA, this 19-story development includes 278 units and is the first of three projects from the Weingart Center.
ALLOY
FEATURED OPENINGS
Featuring 77 one- and two-bedroom condominium residences priced from the high $500,000s to the low $1 Millions, this project is in the heart of Little Tokyo.
This project includes 147 units of affordable housing in South Park under a master lease signed by LAHSA as well as on-site services provided by PATH (People Assisting The Homeless.
VIDA DTLA
HIRO HOUSE
FEATURED OPENINGS
ADIDAS ORIGINALS DTLA
Spanning two levels, this flagship location will function as a community hub, hosting workshops, events, and collaborations with local artists. The new store honors its heritage with a stunning architectural revival, blending raw historical elements with bold use of adidas’ iconic blue and distinctive branding.
SETTECENTO
Located in Maguire Gardens, Settecento is an Italian bistro featuring a menu that features traditional recipes refined through the ages, paired with the freshest ingredients, along with wood fired pizzas and a vibrant array of cocktails.
FEATURED OPENINGS
French-Japanese bistro in the
VILLA’S TACOS
Beginning as a humble roadside stand before expanding to an 800 SF location in Highland Park, Villa’s Tacos’ newest location is at Grand Central Market, featuring their handmade, pressed to order blue-corn tortillas.
CAMELIA
Arts District, at the former location of Church & State, comes from Courtney Kaplan and Charles Namba of popular Echo Park eateries Tsubaki and Ototo.
2024MARKETHIGHLIGHTS
COMMERCIAL REAL ESTATE SALES
RETAIL AND F&B OPENINGS
Q4 Openings:
Dami K-Food
Goldburger
Mafia Sushi
Settecento
Whiskey Stiletto
Yamisha Boba Tea & Coffee DTLA
Q1-Q3 Openings:
33 Taps
6xs Coffee
Adidas Originals DTLA
Bungraze
Camelia
Concierge Coffee
Deme
Departamento
Duchess
Flow Good Coffee
Hushpuppies
Jumism
Kazan Ramen
Kuramoto Shavery
Lost DTLA
Miss Cheese Tea Café
Muffin Can Stop Us
Northern Café
OneThing Coffee
Sora Craft Kitchen
Squirrelor’s Tavern
Taco Bell Cantina
Tatsu Ramen
Temaki Society
Tsujita Artisan Noodle
Villa’s Tacos
Wax On Hi-Fi
Wildbird
Zaya
2024MARKETHIGHLIGHTS
OFFICE LEASES SIGNED
* Lease signed in Q4
QUARTERLY TRACKING STATS
RESIDENTIAL
The residential market rebounded strongly after a short-term decline during the pandemic, with rent and occupancy returning to pre-pandemic levels. Although occupancy dipped during the first three quarters of 2023 due to delivery of over 2,000 new units, it has remained over 90% for four straight quarters.
$3,000
$2,900
$2,800
$2,700
$2,600
$2,500
The impact of continuing uncertainty about return-to-office was felt across the region, with vacancy rates reaching a historic high in Q2 and remaining above 30% through Q4. Meanwhile, asking rents have shown no clear pattern, falling through Q1 2024, then rising in Q2 and Q3, before falling again in Q4.
QUARTERLY TRACKING STATS
RETAIL
Retail rents have remained remarkably stable, indicating that interest in urban locations like Downtown LA has stayed strong. Although the vacancy rate has ticked up, much of that is due to the introduction of new inventory and the recent announcement of the closure of Macy’s at The Bloc.
Both occupancy and RevPAR made significant gains in 2022 and ticked up even further to start 2023. Since then, both
mostly flat, sitting roughly 10% below their
Commercial Development
n Existing
n Under Construction/Renovation
n Proposed
As of 12/31/2024
Residential Development
n Existing
n Under Construction/Renovation
n Proposed
As of 12/31/2024
UNDER CONSTRUCTION
UNDER CONSTRUCTION
PROPOSED
PROPOSED
HISTORIC CORE (cont.)
INDUSTRIAL DISTRICT
FEATURED PROJECTS Under Construction
ARTS & CULTURE COLBURN CENTER
Developer: The Colburn School
This 100,000 SF expansion designed by Frank Gehry will include new studios, public spaces, and a 1,000-seat performance venue.
CIVIC
PERSHING SQUARE
Developer: City of Los Angeles
The first phase of Pershing Square’s renovation is now under construction with work beginning on the Olive Street side of the park where existing structures are being replaced with new landscaping and a street-level entry plaza.
FEATURED PROJECTS Under Construction
RESIDENTIAL OLYMPIC & HILL
Developer: Onni Group
At over 760 feet and 60 stories, this will be the city’s 4th tallest building and tallest residential highrise.
UNDER CONSTRUCTION
SIXTH STREET PARC
Developer: City of Los Angeles
12 acres of new park space at both ends of the Sixth Street Viaduct will feature basketball, soccer, and volleyball courts, event space, and performance facilities.
FEATURED PROJECTS Under Construction
CIVIC & CULTURAL CALIFORNIA HOSPITAL MEDICAL CENTER
Developer: Dignity Health California
The hospital campus is adding a four-story, 150k SF patient tower to expand its ER, trauma, and maternity departments.
RESIDENTIAL THE UMEYA
Developer: Little Tokyo Service Center
Transit-oriented mixed use development with 175 affordable units and 13K SF of community space.
FEATURED PROJECTS
ARTS & CULTURE
THE BROAD EXPANSION
Developer: The Broad I Design: Diller Scofidio + Renfro
55,000 SF expansion that will increase The Broad’s gallery space by 70% and add two top-floor open-air courtyards.
MAJOR MIXED USE
FOURTH & CENTRAL
Developer: Continuum Partners I Design: Studio One Eleven & Adjaye Associates
10-building project including over 1,500 residential units, 400,000 SF of office space and 100,000 SF of restaurant/retail space.
FEATURED PROJECTS Proposed
HOTEL
JW MARRIOTT LA CONVENTION CENTER EXPANSION
Developer: AEG and Plenary Group I Design: Gensler, Populous, Olin
700k SF expansion of the existing hotel will add 861 new hotel rooms at LA Live.
MAJOR MIXED-USE ANGELS LANDING
Developer: Peebles Corporation, Macfarlane Partners, Claridge Properties I Design: Handel Architects
Planned two-tower development to feature luxury hotel venues, spacious condos & apartments featuring panoramic views, and an open-air public plaza.
SPOTLIGHT ON DTLA
CITY PLANNING COMMISSION APPROVES BJARKE INGELS-DESIGNED 670 MESQUIT
Plans call for four interconnecting high-rise buildings, the tallest of which would rise to 34 stories or 388 feet in height. New decks above an adjoining freight rail right-of-way to the east would provide an easier connection to the nearby river. —Urbanize, 12/13/24
‘GRAND ILLUMINATIONS’ DAZZLES WITH A LIGHT SHOW OF HUGE SCULPTURES IN LA
Shown at The Yard at California Plaza on Grand Avenue, the display is described as “immersive” and “radiant.” It features 10 electric dandelions standing 28 feet tall; Lumiverse, a custom-designed 25-foot LED tree, and a stunning arbor arch trellis. And for those who go, a festive and strikingly lit walkway leads to The Yard.
—Los Angeles Daily News, 12/6/24
SETTECENTO: ONE OF LA’S MOST ANTICIPATED RESTAURANTS
Settecento’s layout is bright, bold and architecturally modern. Situated in the tree-lined Maguire Gardens near the iconic Central Library, the restaurant invites customers to dine indoors, outdoors and at the bar, which is the centerpiece of the space. —LA Downtown News, 1/17/25
NEW BEGINNINGS: DTLA COMMUNITY PLAN, ZONING CODE FINALIZED
According to the plan, Downtown will add 70,000 housing units, 55,000 jobs and 125,000 people by 2040. Other focuses include revitalizing the region through economic development and creating strong cultural ties to the neighborhood. —LA Downtown News, 12/9/24
STAYING IN STILE IN DOWNTOWN LOS ANGELES
Los Angeles is a modern city in the public imagination, but much of downtown LA is a century old. The new STILE Hotel in a 97-year-old building in downtown LA is a marriage of classic and hip. —Forbes, 12/20/24
LA COUNTY BUYS GAS CO. TOWER FOR $200 MILLION
The transaction is part of the “reset” of the office market in Downtown Los Angeles, signalling an anticipated increase in transaction activity and pricing stability in 2025. —LA Business Journal, 12/11/24
ONLINE MUSIC STREAMER JOINS CREATIVE OFFICE TENANTS IN DTLA’S ARTS DISTRICT
Beatport has signed a lease in the Arts District where it will take over space previously leased by a design agency. The music streamer will relocate from its office in Beverly Hills. —LA Business Journal, 11/4/25
Nick Griffin, Executive Vice President (213) 416-7522 I ngriffin@downtownla.com
Elan Shore, Director of Economic Development (213) 416-7518 I eshore@downtownla.com