Majority of future multifamily housing to be within walking distance of Metro rail network
The next wave of multifamily development is expected to share a significant connection with LA Metro’s growing rail network
June 04, 2019
- The next wave of multifamily development is expected to share a significant connection with LA Metro’s growing rail network. Currently, there are 143,979 units that are either planned or under construction over the next five years within the county. Among those units, 92,462 (62 percent) would be within a 15 minute walk of an LA Metro rail line station. Measure JJJ, passed in 2016, has helped fuel some of this development as the measure provides several incentives for multifamily developers to build near transit. The highest concentrations of these planned units can be found within Downtown Los Angeles where there are 3,200 units currently under construction. Other areas of note include Hollywood and Koreatown.
- Furthermore, the city of Inglewood is expected to see a significant number of new units constructed near the upcoming LA Stadium & Entertainment District at Hollywood Park. While not currently within the rail network, Metro and the City of Inglewood are exploring options to direct new transit routes through the blossoming district, to meet the city’s increasing need for efficient, mass transit.
- We expect that future multifamily and transit development will continue to grow in densely populated areas
Source: JLL Research / LA Metro / Axio Metrics