Downtown Los Angeles office market is ready for the future of work after years of growth and diversification

Downtown Los Angeles, known to many as the epicenter of cultural vibrancy and career opportunity in Southern California, has faced an uncertain future in the wake of the pandemic. Once a city known for having the most super commuters in the country, Los Angeles saw the smallest number of workers traveling to the city in 30 years.

Small businesses and large corporations are closing their office spaces indefinitely. Once cited by Los Angeles Times as young and rebellious, the city center has been reduced to a ghost town.

Today, however, it’s clear that Downtown LA is once again leading the West Coast in innovation.

As businesses flock to the Financial District, Bunker Hill and more, Downtown LA is brimming with world-class talent, exceptional amenities and an unbreakable spirit.

bisnow spoke with Nick Griffin, Executive Director of the Downtown Center Business Improvement District, to learn more about how the future of work is bright for Downtown LA and what it has to offer companies that have chosen to join. make their home.

Bisnow: your recently published article DTLA Works Desktop Guide and Report describes Downtown LA as the “economic heart” of LA and Southern California. Can you say more about this?

Griffin: DTLA is Southern California’s largest and most diverse commercial region, with 37 million square feet of office and creative space in an unparalleled mix of Class A towers, historic buildings and industrial conversions. It is also home to a rapidly growing population of over 80,000 and hosts nearly 10 million annual visitors.

Although it covers only 1.4% of LA’s territory, DTLA is home to 350,000 jobs and has 743 retail businesses and 158 dining options per square mile. It has an average walk score of 93 and sits at the heart of the region’s growing transport network.

Bisnow: How is Downtown LA planning for the future of work?

Griffin: The future of work is shaped by a range of factors at the intersection of people, places and spaces – how people work, in what kind of environment and how it all fits into the rest of their lives is all considered in the development of new office space. It’s about work-life balance and flexibility for individuals, productivity and collaboration for businesses, and dynamic growth for city centers like DTLA.

Our desktop guide highlights how DTLA property owners have invested tens of millions to improve work experiences by adding co-working spaces, advanced technology, indoor/outdoor spaces, and on-site services and amenities to meet tenant demands .

Bisnow: What kinds of spaces does Downtown LA have to offer businesses of all industries and sizes?

Griffin: Once known primarily for its traditional offices in high-rise buildings, DTLA now offers some of the most innovative spaces in a wide range of modern and historic building types.

Our desktop guide features case studies showing how office towers have been reimagined into some of the most creative and amenity-rich office environments available anywhere.

Bisnow: Are there any areas of downtown LA in particular that you think are poised to see new office leasing activity in 2022?

Griffin: As the DTLA office market has diversified, so have prime locations for major office transactions, including the Arts District, Historic Center, South Park and the mode, each with its own character, amenities and attractions. We also expect Bunker Hill to maintain its position as one of the region’s most attractive office locations.

Bisnow: What types of businesses are attracted to DTLA?

Griffin: The quality and diversity of DTLA’s offerings and the vibrancy of its neighborhoods and lifestyle attract an increasingly diverse mix of industries and businesses. Once dominated by traditional sectors, growth in recent years has come from the creative and technology industries, which have attracted a wider range of professional talent who have continued to reshape DTLA as a place of innovation and creativity. With companies like Adidas, Forever 21, Spotify, Honey and Warner Music planting their flags in various parts of DTLA, we are excited about the future.

Bisnow: What’s the talent pool like in Downtown LA? What can companies expect if they move there in search of new recruits?

Griffin: DTLA is accessible to the largest and most diverse talent pool in the region, and its 350,000 jobs span most industries, from finance and law to technology and media, design, fashion and more. It is the hub of the region’s rapidly growing transportation network and is surrounded by some of the region’s most desirable communities. DTLA itself has a residential population of over 80,000 and growing rapidly – ​​up 37% from 2010 to 2019. Our desktop guide shows that 59% are between the ages of 30 and 54 and 55% have some post-secondary education.

The full DTLA Works: A Guide to the Future of Office Downtown LA can be viewed at: https://downtownla.com/dtla-works-2022

This article was produced in collaboration between Studio B and Downtown Business Improvement District. Bisnow press staff were not involved in the production of this content.

Studio B is Bisnow’s in-house creative and content studio. To learn more about how Studio B can help your team, contact [email protected]

Jose C. Birney