Downtown Los Angeles office towers are eerily vacant. Graffiti-splattered boards cover shuttered restaurants. Darkened shops with “For Lease” postings outnumber “Open” signs on some streets.
Yet most of the apartments that emptied in 2020 are filled again. The demand is enabling landlords to push rents to record highs and dial back the incentives, such as free parking and gym memberships, that were once essential to lure tenants.