nope, corporations let people work from home and found it more profitable to not have offices. This lead to more leases ending and the value of office space dropped and then the value of property for office space. It's the housing bubble all over again with commercial real-estate. You would have to read and know more to actually understand what is happening
@hiddenintheshadows530 Yes, remote work is part of it. But leases aren't being completely canceled, more like adjusted because less office space is needed now. However, there are companies beginning to require their employees to return to the office, especially in circumstances where leases might be locked in long-term or the business has ownership of the property. Though, this could also make room for more businesses that could be smaller. I see as an opportunity to get a better lease.
We need to fix price gouging, put the homeless in shelters & get them jobs, and convert tall buildings into cheap apartments, but to do that we need to get money out of politics
The homeless should be paid to clean the city. Give them aid while they better the city. At this point, I think they’d do a better job than Public Works.
Many businesses in my field of consulting have gotten rid of their offices. All work is done remotely. Efficiency has increased. Business is good. We will NEVER go back to the office.
My spouse used to work in the legal field in downtown. Never, ever again. It is the lawlessness and homelessness that was the sole factor. No money is worth the risk of robbery and injury.
@@mrxman581 A few moved to Glendale. Anywhere where there is no Metro Rail. If there is a Metro Rail within a mile of your work place or home, start looking elsewhere.
@lolacookie453 Yes, it is. But let's be clear, there are areas in DTLA that are also great. The whole Bunker Hill area is great. The LA Live area is always full of people. The Little Tokyo Plaza is going through a rebirth. The Century City shopping center has also gotten a high-end makeover in the last several years. A D line subway station is currently under construction beneath the shopping center. It's scheduled to open in 2026.
Blame the government. The pandemic happened 4 years ago. The building has been losing value before that. Government NOT addressing social issues, open drug use, increasing homelessness, taxes on businesses just trying to survive, and to top it off.....outrageous cost to live in LA and CA in general is enough to drive economies downward. But good luck with the turn around, I left and didn't look back. Couldn't be a better life now.
We just need reasonably priced housing! I’m not even saying “affordable” or “low income” housing, I’m saying reasonably priced housing that middle working class can afford. $3,000 for a 300sq ft studio is INSANE!
It's very difficult to convert them because the structure of an office building and residential building are very different. It can also take many years to convert.
It’s not that easy to convert to residential apartments. Residential units require extra plumbing for water and pipes for sewage to added kitchens and bathrooms.
Bringing cheap apartments to cities brings even more crime & poverty to the area. We need to get rid of people who are hogging up our cheap housing all over the state that aren’t supposed to be in this country. Lower taxes & stop running businesses out of the state. People want to be where it is safe & there are financial opportunities. Stuffing more housing in every open space, including people’s back yards, while flooding in millions of uneducated, unskilled poor people will make things continue to decline.
The pandemic did cause the depreciation. The mayor and city council purposely caused this through negligence, poor ideologies, bad policy, and ignoring the rule of law.
Not to discount the news too much, but this valuation is just someone's opinion, and I don't know why they decided this is a job that had to be done. This valuation is basically meaningless, unless the BofA tower is up for sale, which it isn't, or it got re=assessed for property tax purposes. Nice that they made mention of the Oceanwide Plaza. That place is going to be a thorn in the side of DTLA boosters for a long time to come.
Oceanwide Plaza will get finished because it's in a fantastic location, and real estate is primarily about location. It would have been sold by now if it wasn't for Covid. That southern area of DTLA has had the most construction in the last 12 years. Now it's about buying it at the right price.
@@mrxman581 Maybe, maybe not. Fact is, the area right across the street to the south was still a parking lot when construction on Oceanwide started. It has since been completed and is in operation as a multi-purpose retail/residential property, with no hint of the problems that bedevil its neighbor to the north. Just shows that a real estate project can be completed, even with Covid.
@@condor7810 Yes, some company got retained to market Oceanwide, and they make all the right optimistic noises about finding a buyer. But there is not even the rumor of a pending sale in the air, for one simple reason - the building in its current form is unsellable. It would take another billion to complete, and it would take as much money as it is currently valued at to knock it down. It means a company would be spending 400 million to end up with a 4.5 acre parking lot, which is what Oceanwide was before 2016.
@@condor7810 While an agency has been tasked to find a buyer, and they are making the right optimistic noises, there is not even the rumor of a sale in the air. As it is, Oceanwide is practically unsellable. It would take another one billion to finish, and it would take the current valuation of fourhundred million to knock it down. If leveled, all they would end up with is a 4.5 acre parking lot, exactly the same thing that was there eight years ago.
They put the homeless crisis at the very END of the report!! That is your NUMBER ONE problem!!! Being in a downtown is great and the energy of a thriving downtown adds to economic growth!! But when you have out of control crime issues - open drug use - homeless explosion despite spending millions of tax dollars to ZERO effect - horrible and unsafe public transit; you are just wanting yoour effert as far as downtown goes!! Elevate your standards and we will have a thriving city once again!!
Many people stopped working in the office. Downtown used to be bustling during workdays. Many small businesses have shuttered and the office spaces are in less demand
The people interviewed are correct. There are more people shopping, eating, going to events, etc. today than 2 years ago. And before Covid it was even better. Covid lasted 3+ years, so it will take a little longer to get back to pre Covid activity. That's the case in many of the bigger cities.
The same as what Alejandro? Most things change Scooter, sometimes for the better, sometimes not. What likely won't change is your negative, narrow minded, Debbie Downer, ignorant, unhelpful assessment of things which you know nothing about.
Traffic-Related Crimes are higher than ever, yet everything else is down Traffic-related crimes in Los Angeles include DWIs, driving under the influence of drugs, reckless driving, and felony hit-and-run collisions. All occur on the roads in Los Angeles. Last year, the following increases or decreases were observed in these areas: Hit-and-run crashes that resulted in fatalities increased by 23% Driving under the influence crashes resulting in death increased by 32% Pedestrian deaths caused by vehicle collisions increased by 13% Rounding out LAPD’s 2023 findings are a reduction in homeless-related homicides of 36%, a 10% decrease in Part 1 crimes, and a 26% decrease in gang-related homicides.
@@hiddenintheshadows530crime is down. The media & politicians have been gaslighting the public for years now. The voters know it & that’s why we overwhelmingly voted for change. Crime reporting might be down, arresting criminals def down, prosecuting crime is down. But crime is definitely not down.
Too many skyscrapers make downtown areas and cities look bloated to start with. The mom and pop Main Street that was all over in the 50’s desperately needs a return!
Thank you for covering this, LAPD should pay attention at the amount of people living inside these abandoned structures. If it has graffiti , someone lives inside of it. I have seen 100’s of structures throughout the county, not just down town … These territorial migrants and their elementary tactics. Please remove them from our cities ! Stop the crime brought about sanctuary city polices.
Refusing to recall Gascon, then electing Bass. By the way, Bass and the board declared LA a sanctuary city so things will get a lot worse. Dont blame the pandemic, dont blame the politicians, blame yourselves.
The amount of people blaming unhoused folks and folks struggling with addiction is exactly what the corporate overlords that have destroyed our country want you to do...we should be having class warfare, not blaming the people in our country who need the most help.
Yet LA, SF, NY, DC, etc continue to attract the most talent, the brightest, the most energetic. Where are you 'queen', somewhere in Iowa or Alabama or some other dying backwater? You have likely never been to Los Angeles nor to any other 'sanctuary city'. The nightmare is your limited brain capacity, bigotry, lack of curiosity and belief that everything you don't understand (which is most everything on this planet) is "disgusting".
A few years ago, some crazy people told me that LA would fall apart. And they would just put homeless and low income people in the vacant buildings while forcing taxpayers to pay for it.
I worked in many of these buildings, from security to the actual law firm. Most Attorneys don't show up because they rather save gas money and dry cleaning clothes everyday. So they work from home. Bankers as well!! Plus the food around the area is really over priced and not the best.
Commercial real estate should pivot to residential, the writing has been on the wall with this for over 3 years. Bringing more people to live back in downtown is what will revitalize it. There's still some parts of DTLA I like but it just needs more commerce and infrastructure investment. No reason it shouldn't be a better hub for the city.
@michaelellringer5600 OK. I just reread the thread. You were talking about the OP's comment, not my replies. I apologize. Hope you had a great Thanksgiving.
It’s so frustrating when you speak to people from different walks of life clearly explain the issues La is having only for the same people to be told “actually studies show the city is doing better than ever!”
Yep, gaslighting never ends. But people are stopping to get hip to their bs. It’s very unfortunate we got a lot of the same & some worse local leaders coming back n this elections. they r really out of touch with the people
It’s not that easy to convert to residential apartments. Residential units require extra plumbing for water and pipes for sewage to added kitchens and bathrooms.
@ as a person who worked in Downtown LA, law offices can easily be converted to living spaces but kitchens would have to be electric. Only problem is the high HOA fees that they impose to keep out regular people. They only want the elite.
@@imonaroll9502well honestly, as a person who is dealing with the results of “affordable housing” in my city- i’d love to have the elites. We r an absolute dump of homeless , sidewalk meat sales, & gangs. We need to clean house. Get rid of the millions living here illegally hogging up housing. Making our streets looks like a grease stained lawless foreign bario.
Commercial real estate is going to bring down allot of banks until THEY LOWER THE RENTS and except the new values. Lower the commercial rents so stores can come back. Built more residential units.
If you put alot of senior housing up that would help. More luxury and pricey housing won't help as you can see. Also, tourism is what has provided the uptick of foot traffic
Sounds like if you are young, this is the time to invest in commercial real estate. Be greedy when others are fearful. This market will recover in the long term. Buy REITS.
The same thing is happening in NYC and most major metro areas across the country. I find it funny that they report on this now after the election. This has been trending this way since the pandemic began. It’s almost like they didn’t want it to affect a certain candidate for the election. Too bad they didn’t win. 😂
Nothing goes up in value forever maybe this part of the commercial real estate bubble popping. A terrible thing but it would be very good in the long term if all real estate prices crash instead of 1M houses you would have 250k houses. 250k for a house puts it in the range many more people.
Isn't L.A the same city with that huge homeless population, Saints Row? Come on, use your brains! Since the internet, commercial space has been rapidly becoming more vacant, but then the pandemic sealed it. It's not all bad, it just requires some reshuffling. 1. Make the office buildings, residential. 2. Watch the people move in. 3. Then L.A can move the homeless off the streets and into houses.
Lol, how many would u rent to? They need to be able to be productive members of society & they aren’t. It’s all one big grift. Keep Americans drugged out on the streets & flood in millions more uneducated poor people who will work for bare minimum & are easier to control.
Bums, open drug use, street people.... there are certain areas of Downtown that are clean and feel safe but that is not most of the area.
Yes, that is most of it. More people live in DTLA today than have in the last several decades.
nope, corporations let people work from home and found it more profitable to not have offices. This lead to more leases ending and the value of office space dropped and then the value of property for office space. It's the housing bubble all over again with commercial real-estate. You would have to read and know more to actually understand what is happening
@@hiddenintheshadows530 You get off on thinking that you are smarter than others... its just sad.
@hiddenintheshadows530 Yes, remote work is part of it. But leases aren't being completely canceled, more like adjusted because less office space is needed now. However, there are companies beginning to require their employees to return to the office, especially in circumstances where leases might be locked in long-term or the business has ownership of the property. Though, this could also make room for more businesses that could be smaller. I see as an opportunity to get a better lease.
Its commercial real estate vacancy in general... its not about the things outside
As our homeless live on the streets, rent is all time high and vacant building everywhere. We are hing scammed and lied too.
We need to fix price gouging, put the homeless in shelters & get them jobs, and convert tall buildings into cheap apartments, but to do that we need to get money out of politics
The homeless should be paid to clean the city. Give them aid while they better the city. At this point, I think they’d do a better job than Public Works.
@@cbonilla10027I wish somebody paid me to clean up my mess.😂
Downtown LA is improving, it’s a long road to recovery but honestly I’m happy office values are plummeting. They were very inflated anyway.
Many businesses in my field of consulting have gotten rid of their offices. All work is done remotely. Efficiency has increased. Business is good. We will NEVER go back to the office.
My spouse used to work in the legal field in downtown. Never, ever again. It is the lawlessness and homelessness that was the sole factor. No money is worth the risk of robbery and injury.
That was decades ago. Many law firms moved to Century City decades ago. More people live in DTLA today than they have in decades.
The smell of urine on the sidewalk is nasty
@@mrxman581 A few moved to Glendale. Anywhere where there is no Metro Rail. If there is a Metro Rail within a mile of your work place or home, start looking elsewhere.
@@mrxman581Century City is a lovely, clean and safe area
@lolacookie453 Yes, it is. But let's be clear, there are areas in DTLA that are also great. The whole Bunker Hill area is great. The LA Live area is always full of people. The Little Tokyo Plaza is going through a rebirth.
The Century City shopping center has also gotten a high-end makeover in the last several years.
A D line subway station is currently under construction beneath the shopping center. It's scheduled to open in 2026.
The crime is out of control in LA. No one wants to be there. I moved out and couldn’t be happier.
😂😂😂😂
Crime use to be worse in the 90s stop the band wagon you morons
We're all super pumped that you left too.
Where’d you go? Vegas? 😅😅
If you’re so happy to have moved out why are you on a local LA news page, wouldn’t that cause you more aggravation
Love how Nella Mcosker is doing the interview from home 😂😂😂
It’s more expense and time for the news station to send a cameraman and correspondent to a remote location.
Haha I noticed that too!
@@RaymondHng you’re not wrong about that, but that wasn’t the point of my comment
Blame the government. The pandemic happened 4 years ago. The building has been losing value before that. Government NOT addressing social issues, open drug use, increasing homelessness, taxes on businesses just trying to survive, and to top it off.....outrageous cost to live in LA and CA in general is enough to drive economies downward. But good luck with the turn around, I left and didn't look back. Couldn't be a better life now.
Economieshelteracism NYC 😢
We just need reasonably priced housing! I’m not even saying “affordable” or “low income” housing, I’m saying reasonably priced housing that middle working class can afford. $3,000 for a 300sq ft studio is INSANE!
that's actually reasonable for downtown.
@@MonsterPig007 36k a year mate
The poor deserve "reasonable" too. There's a HUGE poor "working class".
@@MonsterPig007 Not reasonable at all if wages aren't going up to par with inflation / cost of living. Increased rent, but wage cuts.
Most of LA earns less than 50k/yr
Just convert the tall buildings into cheap apartments, no more empty building
Or vertical sports arenas for basketball football and concerts😅
It's very difficult to convert them because the structure of an office building and residential building are very different. It can also take many years to convert.
It’ll get trashy in a month 😏
It’s not that easy to convert to residential apartments. Residential units require extra plumbing for water and pipes for sewage to added kitchens and bathrooms.
Bringing cheap apartments to cities brings even more crime & poverty to the area. We need to get rid of people who are hogging up our cheap housing all over the state that aren’t supposed to be in this country. Lower taxes & stop running businesses out of the state. People want to be where it is safe & there are financial opportunities. Stuffing more housing in every open space, including people’s back yards, while flooding in millions of uneducated, unskilled poor people will make things continue to decline.
It’s ghetto, it’s dangerous, it takes forever to drive in and out of.
Facts!
The pandemic did cause the depreciation. The mayor and city council purposely caused this through negligence, poor ideologies, bad policy, and ignoring the rule of law.
Here in Dallas, most downtown towers are being converted to Condos!
its a great time to get a crazy deal on a condo in downtown though....
No money is worth the risk of getting robbed or injured
Downtown LA is one of the ugliest downtowns compared to many large metro cities. Blame the lose of value on that.
I love how at the end of the story they mention the REAL problem all the CRIME!
funny because crime has been down, and only went back up in 2021/2022 and those stats aren't higher than it was 10yrs ago
LA native here. Downtown is a joke in this city
Downtown LA is just too dangerous, I would rather work somewhere safe like Playa or Irvine.
Not to discount the news too much, but this valuation is just someone's opinion, and I don't know why they decided this is a job that had to be done. This valuation is basically meaningless, unless the BofA tower is up for sale, which it isn't, or it got re=assessed for property tax purposes.
Nice that they made mention of the Oceanwide Plaza. That place is going to be a thorn in the side of DTLA boosters for a long time to come.
Oceanwide Plaza will get finished because it's in a fantastic location, and real estate is primarily about location. It would have been sold by now if it wasn't for Covid. That southern area of DTLA has had the most construction in the last 12 years. Now it's about buying it at the right price.
Oceanwide Plaza is currently for sale via a receivership process. The eventual buyer will complete the project & improve the area, etc.
@@mrxman581 Maybe, maybe not. Fact is, the area right across the street to the south was still a parking lot when construction on Oceanwide started.
It has since been completed and is in operation as a multi-purpose retail/residential property, with no hint of the problems that bedevil its neighbor to the north.
Just shows that a real estate project can be completed, even with Covid.
@@condor7810 Yes, some company got retained to market Oceanwide, and they make all the right optimistic noises about finding a buyer.
But there is not even the rumor of a pending sale in the air, for one simple reason - the building in its current form is unsellable.
It would take another billion to complete, and it would take as much money as it is currently valued at to knock it down.
It means a company would be spending 400 million to end up with a 4.5 acre parking lot, which is what Oceanwide was before 2016.
@@condor7810 While an agency has been tasked to find a buyer, and they are making the right optimistic noises, there is not even the rumor of a sale in the air.
As it is, Oceanwide is practically unsellable. It would take another one billion to finish, and it would take the current valuation of fourhundred million to knock it down.
If leveled, all they would end up with is a 4.5 acre parking lot, exactly the same thing that was there eight years ago.
If u want to see whats on store for California if this doesn't change
Look at Canada
Everyone should thank Dr Fauci.
Bank of America tower downtown LA used to be call Security Pacific Bank it has been there for 50 years completed in 1974
They put the homeless crisis at the very END of the report!! That is your NUMBER ONE problem!!! Being in a downtown is great and the energy of a thriving downtown adds to economic growth!! But when you have out of control crime issues - open drug use - homeless explosion despite spending millions of tax dollars to ZERO effect - horrible and unsafe public transit; you are just wanting yoour effert as far as downtown goes!! Elevate your standards and we will have a thriving city once again!!
well said!!!
Many people stopped working in the office. Downtown used to be bustling during workdays. Many small businesses have shuttered and the office spaces are in less demand
The people interviewed are correct. There are more people shopping, eating, going to events, etc. today than 2 years ago. And before Covid it was even better. Covid lasted 3+ years, so it will take a little longer to get back to pre Covid activity. That's the case in many of the bigger cities.
Covid lasted 3 years 😮 thank god my city stopped the lockdown by 2021 lol I feel bad for you blue states that had to go multiple years.
Guys I’m an LA Native - born in 81’. DT LA sucks no offense if u live there. It’s filthy and still hasn’t been cleaned up much in the past 40 years.
Oh, my! This is happening only in Los Angeles, not every major city in the US. Weird that.
Dumb covid policies, not the “pandemic.” Soros nutting his pants tho
Hate to break it to you, but it will never be the same with all the crime and lawlessness.High taxes good luck.
The same as what Alejandro? Most things change Scooter, sometimes for the better, sometimes not. What likely won't change is your negative, narrow minded, Debbie Downer, ignorant, unhelpful assessment of things which you know nothing about.
Crime is down, wtphk are you talking about
Traffic-Related Crimes are higher than ever, yet everything else is down
Traffic-related crimes in Los Angeles include DWIs, driving under the influence of drugs, reckless driving, and felony hit-and-run collisions. All occur on the roads in Los Angeles. Last year, the following increases or decreases were observed in these areas:
Hit-and-run crashes that resulted in fatalities increased by 23%
Driving under the influence crashes resulting in death increased by 32%
Pedestrian deaths caused by vehicle collisions increased by 13%
Rounding out LAPD’s 2023 findings are a reduction in homeless-related homicides of 36%, a 10% decrease in Part 1 crimes, and a 26% decrease in gang-related homicides.
@@hiddenintheshadows530crime is down. The media & politicians have been gaslighting the public for years now. The voters know it & that’s why we overwhelmingly voted for change. Crime reporting might be down, arresting criminals def down, prosecuting crime is down. But crime is definitely not down.
Shelteracism NYC 😢
Too many skyscrapers make downtown areas and cities look bloated to start with. The mom and pop Main Street that was all over in the 50’s desperately needs a return!
Thank you for covering this, LAPD should pay attention at the amount of people living inside these abandoned structures. If it has graffiti , someone lives inside of it. I have seen 100’s of structures throughout the county, not just down town … These territorial migrants and their elementary tactics. Please remove them from our cities ! Stop the crime brought about sanctuary city polices.
Finally. It made no sense for them to be so expensive.
Refusing to recall Gascon, then electing Bass. By the way, Bass and the board declared LA a sanctuary city so things will get a lot worse. Dont blame the pandemic, dont blame the politicians, blame yourselves.
California needs a new mayor and new governor
The amount of people blaming unhoused folks and folks struggling with addiction is exactly what the corporate overlords that have destroyed our country want you to do...we should be having class warfare, not blaming the people in our country who need the most help.
Ummm I wonder… sanctuary city nightmare.. it’s disgusting
The gibberish you post on the internet.
Vapid comment
Yeah girl 99% of these bums are americans are you new here?
Yet LA, SF, NY, DC, etc continue to attract the most talent, the brightest, the most energetic. Where are you 'queen', somewhere in Iowa or Alabama or some other dying backwater? You have likely never been to Los Angeles nor to any other 'sanctuary city'. The nightmare is your limited brain capacity, bigotry, lack of curiosity and belief that everything you don't understand (which is most everything on this planet) is "disgusting".
@@ChosenOne6666it’s true.
Mayor needs to step up or get out
I thought the mayor was to fix all of these problems. Must be at brunch again.
Brunch since she was elected.
You get what you vote for! Stop voting blue! SMH 🤦♂️
In four years, this country will be in the worst mess you've EVER seen.
It is almost impossible to economically convert Office Buildings into residential buildings
A few years ago, some crazy people told me that LA would fall apart. And they would just put homeless and low income people in the vacant buildings while forcing taxpayers to pay for it.
Where did the tenants go? Out of business, out of the state?
@User5_ Many didn't leave, but downsized their leases in the last few years due to working from home.
FIX THE CRIME AND HOMELESSNESS, MAYOR & GOVERNOR
Get rid of the skid row...
change the name to LA Zoo.
yeah us spending trillions on war and illegal immigrants and not fixing any actual problems in our own country will do that.
It's people working at home. Why rent office space if you don't need to?
There is zero appetite to go or do anything in downtown LA. There is little to nothing to do and it's not safe.
Poor billionaires... They deserve a bailout...
Pandemic hurt everyone. I never thought i'd have to leave LA, but it just got too crazy and expensive smh
I worked in many of these buildings, from security to the actual law firm. Most Attorneys don't show up because they rather save gas money and dry cleaning clothes everyday. So they work from home. Bankers as well!! Plus the food around the area is really over priced and not the best.
Commercial real estate should pivot to residential, the writing has been on the wall with this for over 3 years. Bringing more people to live back in downtown is what will revitalize it. There's still some parts of DTLA I like but it just needs more commerce and infrastructure investment. No reason it shouldn't be a better hub for the city.
They cost more to maintain an upkeep than they're even worth.
In fairness, what CBD anywhere in the nation isn't dealing with the same problems? All downtowns are crumbling.
Downtown la is skid row. I’m glad I don’t work in downtown. Horrible place to work. Crime. Traffic. Pollution. Never again.
Not true. Skid Row is a tiny area in the more industrial area of DTLA.
@@mrxman581 Nothing easier in the world than to generalize!
@@mrxman581 It's no skid row!
@@mrxman581 The OP stated it as if the entire DTLA was skid row!
@michaelellringer5600 OK. I just reread the thread. You were talking about the OP's comment, not my replies. I apologize. Hope you had a great Thanksgiving.
Blame California's socialist Pandemic, capitalisms fatal disease.
Buddy ran tf out that light @2:55 😂
Keep voting liberals and Dei mayors
No you can blame corporations for owning residential property. CORPORATE LANDLORDS buting RESIDENTIAL PROPERTIES SHOULD BE ILLEGAL!
It’s so frustrating when you speak to people from different walks of life clearly explain the issues La is having only for the same people to be told “actually studies show the city is doing better than ever!”
Yep, gaslighting never ends. But people are stopping to get hip to their bs. It’s very unfortunate we got a lot of the same & some worse local leaders coming back n this elections. they r really out of touch with the people
Anyone whose from LA would never choose to buy a place in DTLA. Way to overpriced for how crappy the area is.
Only in LA...."good news...there is more traffic"...Hurrray!!!
crimes and bums everywhere
Perhaps some of those empty office buildings can be converted into city or county jails.
Maybe Trump can use them for detention camps
1:59 she’s working from home🎉🎉🎉🎉🎉🎉🎉😂😂😂😂😂
Homeless can live in the empty buildings
The ONLY reason I go near Downtown is to go to the Broad every two years. 🤷🏼♂️🤷🏼♂️🤷🏼♂️
Make those empty offices into affordable housing units so that people that work in LA can live there.
They won’t, because LA has too much crime.
It’s not that easy to convert to residential apartments. Residential units require extra plumbing for water and pipes for sewage to added kitchens and bathrooms.
@ as a person who worked in Downtown LA, law offices can easily be converted to living spaces but kitchens would have to be electric. Only problem is the high HOA fees that they impose to keep out regular people. They only want the elite.
@@imonaroll9502well honestly, as a person who is dealing with the results of “affordable housing” in my city- i’d love to have the elites. We r an absolute dump of homeless , sidewalk meat sales, & gangs. We need to clean house. Get rid of the millions living here illegally hogging up housing. Making our streets looks like a grease stained lawless foreign bario.
I’m optimistic…. DTLA we see a future renaissance! Sometimes, YOU HAVE TO GO DOWN TO HELL… TO RISE BACK UP!
Watching from Lake Charles Louisiana ⚜️❤️💛
who cares? lake charles is a swamp.
And no one watches Louisiana
Covid19 didn't start in US until 2020 that's almost 5 years ago...
What about the other 5 years??
I Doubt covid was the only problem either way
Put all the bums in the tower and call it Bum Tower.
What goes up must come down
No way a pharmacy worker can afford living dtla
The pandemic?! No, the gov’t *response* to the pandemic.
What a surprise? Not really the comments say it all
Gerald celente was talking about this year's ago on his UA-cam channel. This will create a severe market crash.
Commercial real estate is going to bring down allot of banks until THEY LOWER THE RENTS and except the new values.
Lower the commercial rents so stores can come back. Built more residential units.
If you put alot of senior housing up that would help. More luxury and pricey housing won't help as you can see. Also, tourism is what has provided the uptick of foot traffic
Neither will stuffing poor people n there.
They were horribly overvalued anyways, maybe the crash in price will result in lower commercial rent and some housing conversions
Clean up the streets then dtla will prosper
Don’t believe downtown will be booming soon Olympic is coming to town people 🎉
Good, convert to housing, Let people work remotely. Live and work in one place until everyone has a place to live!
No one wants to live in downtown LA.
Sounds like if you are young, this is the time to invest in commercial real estate. Be greedy when others are fearful. This market will recover in the long term. Buy REITS.
The same thing is happening in NYC and most major metro areas across the country. I find it funny that they report on this now after the election. This has been trending this way since the pandemic began. It’s almost like they didn’t want it to affect a certain candidate for the election. Too bad they didn’t win. 😂
Thanks to your woke governor and mayor look at Santa Monica ghost town
Good.
Nothing goes up in value forever maybe this part of the commercial real estate bubble popping. A terrible thing but it would be very good in the long term if all real estate prices crash instead of 1M houses you would have 250k houses. 250k for a house puts it in the range many more people.
i hope LA beaurecrats look at Houstons solution for homelessness would help a lot!
Turn it into housing?
Shows de sky is falling...nope...just de facade...🤔
Open drug use needles everywhere people building tents outside of your apartment building. Of course no one wants to live here for those high prices.
i got 5 on it
Isn't L.A the same city with that huge homeless population, Saints Row? Come on, use your brains!
Since the internet, commercial space has been rapidly becoming more vacant, but then the pandemic sealed it. It's not all bad, it just requires some reshuffling.
1. Make the office buildings, residential.
2. Watch the people move in.
3. Then L.A can move the homeless off the streets and into houses.
Lol, how many would u rent to? They need to be able to be productive members of society & they aren’t. It’s all one big grift. Keep Americans drugged out on the streets & flood in millions more uneducated poor people who will work for bare minimum & are easier to control.
Urban hellhole
The real estate bubble. Welcome back to reality
Good things are to expensive
Same as a car bro
The only constant in life is change.......
Get with it or whither