Downtown LA has long enjoyed a decent concentration of law firms, but interest is growing dramatically—simultaneous with the submarket’s vibrant full-time population boom.
So far in this video series, we’ve learned what’s essential to thriving in DTLA (aka, one of the most interesting office markets in the region), and how the area represents an opportunity to do “more with less.” In the final installment of the series, Jordan Gaffney explains the unique role that community revitalization has played in this still-unfolding submarket’s story.
Demand for space in the CBD has grown dramatically in the last 24 months, and it’s no longer just about proximity to the courthouse or cost efficiency. Firms are increasingly opening downtown satellite locations in large part thanks to the benefits of a growing population, explains Gaffney.
With full-time residents having almost doubled in the last 15 years to 55,000 permanent residents, the associated increase in restaurants, shops, and public transit options is winning attention from Westside firms looking for other strong live/work/play settings to offer their employees.
Like we’re seeing in the Westside, Gaffney predicts downtown law firm tenants could eventually face new competition from the tech and entertainment sectors—but for now, it remains a cost-effective alternative for Los Angeles law firms seeking quality office space in quality environments.
For more information contact Jordan Gaffney