do u think the office market will improve by 2017 when the hotel tower opens??
Job creation begets office space. So far in this recovery, LA's job creation has been anemic.....only a few metro areas are experiencing strong job growth. In addition, DTLA is in competition with Century City and the entire West Side as well as the Valley for office development.
Having said that, I think DTLA is in the best position to get new office space development in decades. Downtown's population is growing, all roads......er.....I mean all transit lines lead to downtown and downtown has become hip. The last one was evidenced by a song line in the film Burlesque
which I got snagged into watching last weekends. CA was singing about how she likes living in LA and has breakfast at the Polo Lounge, cocktails at the Courtyard, bla, bla, bla.....and then I think she's says dinner is downtown. If, in fact, I heard correctly, I don't think that line would have been in the song ten years ago. Hollywood admitting that downtown exists other than as a seedy backwater for a drug film is huge.
And then there are the architectural/creative firms migrating downtown. Like restaurants are to pedestrian traffic, creative firms are to other office users. They make life downtown more interesting and encourage other non creative users to make the move. Cheaper rents also are a motivating factor.
Kudos on the Wilshire Grand hotel coming down..........never liked that building. It gave beige a bad name.