While others are worrying about new devlpt in south pk being too formulaic or not properly urban enough, or too lowrise, or too geared to cars, or what have you, I'll notice other matters like this one....
Quote:
Downtown’s 18.1 million-square-foot Financial Core submarket had a rough second quarter.
The area saw negative absorption of 238,205 square feet, and 18.4 percent of its space was vacant, according to report by Transwestern.
The Financial Core, which is the largest Downtown office submarket by a landslide, saw higher vacancy than the 17.9 percent average for all Downtown submarkets combined. Its vacancy rate was also higher than the L.A. Metro average of 15.3 percent.
Asking rent averaged $3.09 a square foot a month, lower than the $3.13 Downtown average and the $4.63 Westside average. The L.A. Metro area averaged $3.12.
The submarket is about to get a lot bigger, with 356,141 square feet of office space under construction, thanks to Korean Air’s Wilshire Grand tower, which is slowly rising toward completion as the tallest skyscraper West of the Mississippi.
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The wilshire grand tower probably would have been truly.....TRULY.....the tallest tower in dtla & the western US....& not dependent on a mast to earn that title....if there had been a solid need for new office space in dt for over 20 yrs instead of just the opposite.
The grand ave proj across from disney hall probably would've broken ground some time ago if all its elements weren't totally dependent on housing & hotels, with some retail, if the demand for office space from businesses in dt had been quite strong & allowed the related cos to include at least one new office tower in its proj.
If office space that's vacant for yrs is a sign of a recession....or where a continuous surplus of such space exists even when no new construction of office bldgs has occurred....then dtla has been in a recession since the 1990s.
Now THAT'S something to be unhappy about!
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