^ The grand ave proj already has to face the declining popularity of shopping malls & movie theaters....the theater for Grand was dropped some time ago....someone said equinox has cancelled plans to run the proj's hotel. Covid may make the hotel & travel industry way more iffy over the next few yrs.
business users also tend to pay the biggest leases psf, not retail or residential.
Given these trends, I'm relieved the base of the proj at least is colored concrete instead of stucco. Right now, dtla's economy is resting on the pillar of mainly residential, & not enough beyond that.
The area has had a double digit vacancy rate of office space for over 25 yrs....most economists would consider that a pretty severe recession...maybe even a depression.
https://www.latimes.com/business/story/2021-08-19/aecom-to-move-los-angeles-headquarters-to-dallas
Quote:
AECOM says it’s moving its L.A. headquarters to ‘talent magnet’ Dallas
Aug. 19, 2021
Joining a parade of large California corporations relocating to Texas, engineering and construction giant AECOM announced plans to move its headquarters from Los Angeles to Dallas in October.
The Fortune 500 company plans to keep 2,500 employees in its Los Angeles offices and other California locations but will relocate Chief Executive Troy Rudd and several other corporate leaders effective Oct. 1 to existing offices in Dallas and other locations in Texas, the company said in a news release.
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