Since the pandemic, downtown Los Angeles has seen a significant decrease in office space demand, leaving many buildings vacant and owners facing financial challenges. Some hope a rise in lease signings indicates a recovery, while others advocate for converting empty offices into apartments, especially as housing needs increase due to recent wildfires. Garrett Lee, a developer, emphasizes the pressing need for housing and is spearheading initiatives to repurpose outdated office buildings, reflecting trends in urban real estate and the evolving landscape of the city's economy post-pandemic.
In the years since the pandemic, which upended workplace norms and evaporated demand for office space, landlords downtown have watched in frustration as the value of their office buildings has plummeted.
We have an unprecedented need for housing right now... there needs to be an even greater effort than before to build housing of all unit types and rent levels.
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