It's NOT parking requirements, ppl! It's something called Economics 101 that prevents the likelihood of supertalls in LA, esp DT, at least before our attention spans have gone elsewhere.
Things are schizoid, in that while there may be enough demand to support more highrise office bldgs several miles to the west of DT, problems with zoning codes &, more importantly, lots of NIMBYism would prevent that. Besides, the thought of a super tall tower somewhere between Beverly Hills & SaMo don't excite me as much or grab my attention.
OTOH, while current codes & a lack of a lot of NIMBYism would make putting up a big bldg easier in DT, there just hasn't been enough demand there to justify that type of devlpt. The hood has been stuck with a mid to high double digit amt of unused space for yrs, & yrs, & yrs.
So to repeat:
Quote:
Historically, it has been common for developers to start putting up new buildings when vacancy falls below 10%, but construction costs have climbed a great deal in recent years. Although rents are rising, they are not high enough in most parts of Southern California to justify the cost of new buildings, Vargas said.
Sampling of vacancy rates, rents in second quarter
L.A. Central
Business District
15.5% $2.65
Inland Empire
8.8 2.04
L.A.'s Westside
6.9 3.53
Long Beach
6.7 2.06
Burbank-Glendale-
Pasadena
5.7 3.03
North L.A. County
5.3 2.39
L.A. County overall
9.2 2.53
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