A new luxury residential tower in downtown L.A. reflects an unusual disconnect: While office rentals continue to struggle, downtown as a residential center is thriving.
By many measures, downtown Los Angeles' newest apartment tower is over the top with such gilded flourishes as stone tiles from Spain lining the elevator cabs and hand-troweled Italian plaster on interior walls. Humming birds have somehow found the fruit-laden trees decorating the outdoor lounge on the 41st floor.
's downtown office. They live in 47,000 residential units, most of which are apartments rented at market rates. But for a variety of reasons, most of L.A.'s downtown residents don't work there. It is an unusual reality not seen in many other big cities that decouples the apartment market from the fate of the millions of square feet of offices for rent in the area because residential landlords do not rely on office workers to fill their units.
reported that only 65% of downtown office space was spoken for in the first quarter of this year. Brookfield, meanwhile, which also owns offices through a separate entity, is among downtown landlords who have defaulted on office building loans in recent months and lost their properties to their lenders.
. Part of downtown's appeal is also its price, at least compared with the Westside's choice rental markets. 'If you compare Santa Monica and Marina del Rey, it's 38% more expensive to live there than it is to live downtown,' Lall said. And as downtown apartment landlords hustle to get their buildings leased they can be generous with move-in incentives, such as periods of free rent and moving allowances for signing a lease.
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