Welch highlighted a significant shift in office tenant locations, stating, "Most companies are doing what I would call quiet leaves or quiet downsizes of Downtown. They're not leaving it. They're keeping footprints."
Welch elaborated on the trend, asserting, "I think it's going to get worse before it gets better," indicating ongoing challenges for Downtown Los Angeles in attracting tenants.
According to Welch, safety concerns drive tenants' decisions, saying, "Safety is what tenants want when making office decisions in today's market." This underscores the heightened importance of security in location choices.
Welch made a stark comparison, noting that Century City is viewed as "the safe, clean alternative to Downtown," emphasizing the shifting preferences based on environment and safety.
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