Downtown Los Angeles is currently building 7,000 new residential units to keep up with demand for living in Downtown. With the increase in population, retail is also seeing an increase with several mixed-use developments including Oceanwide Plaza (200,000 sq. ft. retail), Metropolis (70,000 sq. ft. Retail), and Fig Central (166,000 sq. ft. Retail).
Of the many micro markets in Downtown, the Financial District, Arts District and Fashion District have, respectively, seen the greatest addition of new retail tenants. The most popular of the new tenants have been food and beverage (47 percent of new retailers) and apparel (39 percent of new retailers).
With the increasing foot traffic, new retailers have begun to expand to Downtown and are expected to continue expanding to the area as demand to live there increases.
Sources: JLL Research