If there are rumblings in the economy of a real estate slow down across the Nation, this is certainly not the case with the Downtown LA market as Rebecca Ascher-Walsh recently wrote about in The Hollywood Reporter.
The article points out some very noteworthy statistics to consider. There were over 40,000 new residents in LA last year with only 10,000 new units added. Tom Gilmore of Gilmore Properties states that his downtown properties have been at 100% occupancy for the last four years. There are dozens of new clubs and restaurants slated for the area over the next two years, as well as the L.A. Live Complex and the new $2 billion Grand Avenue Project designed by Frank Gehry scheduled to break ground later this fall.
Carol Schatz of the BID says, "it's the most fabulous thing that LA has ever seen..." in reference to the continued growth and resounding applause from the city.
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