While most dense urban centers took a backseat to the suburbs during COVID, there's been signs of people moving back to city centers, particularly in DTLA. Whenever there's a shake up and prices get depressed, those with long term holding plans always come out of the woodwork and buy.
Investors, city dwellers from NYC, SF, Chicago, Seattle, and other metro areas have been moving into DTLA according to recent sales and leases from other DTLA realtors. There's been a noticeable number of people from out of state moving to DTLA due it's dense city environment and of course the weather. With outdoor dining returning, and indoor dining at minimal capacity, the ability to walk outside in winter to 70-degree sunshine, a slew of activities within 1-2 hours of anywhere (skiing, hiking, lakes, wineries, mountains, beaches), there's a lot going for DTLA.
Sales activity has increased about 8-10% this year from last, and prices have ticked up about 3% from last year. DTLA is still down overall about 7% in prices from pre-COVID times.
Leases are up now too, with more people feeling safer in general and rather than moving out of a walkable area, there are lots of people who are moving within DTLA and trying out new buildings and neighborhoods.
Entering Spring and Summer, the hope is that with more people vaccinated, the worst is behind us and can move forward to heal, resume business activities, and do our part to help keep the smallest businesses afloat.
