DTLA LIFE MAG #30 | HOLIDAYS 2016 | Page 99

Q3 2016 MARKET REPORT MARKET OVERVIEW Hotel • Hotel average daily rate rose to $213, up from $195 one year ago. • “Revenue per room” increased 13% since last year. • A planned adaptive reuse of a 108 year-old warehouse at 4th and Alameda will bring 66 “condominium-hotel” units to the Arts District. Oceanwide Plaza 2.0m 77.2% YTD Average Daily Rate $213.24 $195.76 YTD RevPAR $172.32 $151.17 PROPOSED • Retail vacancy fell to 4% from 5.3% one year ago. • The Yards at One Santa Fe filled out with openings including Benjamin, A Shop Called Quest, and Bulletproof Coffee. • Developer SunCal announced plans to add 128,000 sq. ft. of retail to the Arts District as part of their in their major mixed use project, 6AM. Q3 2016 Q3 2015 Vacancy Rate 4.0% 5.3% Average Rent Per Square Foot $2.51 $2.62 28,227 186,706 Source: CoStar 8 80.8% Source: LA Tourism and Convention Bureau Retail YTD Net Absorption Q3 2015 YTD Occupancy Rate SQUARE FEET OF RETAIL SPACE UNDER CONSTRUCTION 1.5m Q3 2016 Downtown Center Business Improvement District 8,163 HOTEL ROOMS 2,756 UNDER CONSTRUCTION 3,636 PROPOSED