Apartments And Retail Spaces In High Demand DowntownRelease Date: 2018-12-17
By: Pierce Nahigyan
Real estate experts say urban development in Downtown Long Beach is attracting affluent renters and retailers eager to capitalize on their new wealth.
Robert Stepp, president and founder of brokerage firm Stepp Commercial, predicted that downtown’s multi-family residential market “will remain strong” through the next few years. “Investment dollars are still pouring into a number of revitalization and expansion projects, and we expect the momentum to continue,” Stepp told the Business Journal.
The high number of residential and mixed-use projects in development, Stepp added, are transforming downtown “into a world-class urban center.” When the shoreline reaches full development, he said, investors may eye inland opportunities and older buildings due for renovation.
Both demand and rental rates for downtown apartments are on the rise, Stepp said. Since this time last year, rental rates have increased roughly 3.9%. The vacancy rate in the area is 4.4%, with forecasts indicating that it will near the 4% mark in 2019. “Long Beach is doing a great job of attracting and retaining world-class companies,” Stepp said.
Read more on the Long Beach Business Journal