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The purchase of four Class A buildings along Wilshire Boulevard by investors in Q1 2016 has shifted 78 percent of stock on the street into the hands of a single ownership group. This large consolidation could pave the way for higher rent prices throughout Westwood in the future.
Overall net absorption in Q1 across Los Angeles was a major positive—with more than 432,000 square feet of rentable space being filled throughout the quarter.
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Los Angeles has been transforming into an increasingly unaffordable city as home prices and rents have continued to rise and the housing supply has not been able to keep up with demand.
After spending decades as a surface parking lot, one of the most desirable development sites in Downtown Los Angeles is finally slated to birth a high-rise complex.
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