While downtown as a place to work still struggles to find its footing post-COVID, downtown as a residential center is thriving.
Good morning, and welcome to the Essential California newsletter. It's Sunday, May 5. I'm your host, Andrew J. Campa. Happy Cinco de Mayo! Here's what you need to know to start your weekend: Apartment L.A. thrives, while commercial L.A. flounders.Are college encampments living on borrowed time?
people in Huntington Beach feel a growing hostility.And here's today's e-newspaper A stroll through downtown Los Angeles presents a study in contrasts. The city's homeless community is on stark display with the population jumping by 10% in the latest annual survey. Office buildings once filled with thousands of employees are seeing vacancies skyrocket. The pandemic demonstrated to corporate America that 'work from home' was possible and profitable.
’s downtown office. They live in 47,000 residential units, most of which are apartments rented at market rates. One quirk about that group is most of L.A.’s downtown residents don’t work there. The successes and struggles of Brookfield, a Canadian real estate company that owns downtown residential and office properties, illustrates this divide.
reported that only 65% of downtown office space was filled in the first quarter this year. Brookfield, meanwhile, which also owns offices through a separate entity, is among downtown landlords who have defaulted on office building loans in recent months and lost their properties to their lenders. Prices, benefits and perks that attract renters. Part of downtown’s appeal is its price, at least compared with the Westside’s choice rental markets.
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