One of the grittiest crime-ridden industrial districts in downtown Los Angeles has, in the space of a few short years, become a magnet for some of the region’s most trendy boutiques, upscale lofts and restaurants.

Land values have surged, and developers and tenants are now moving in to the warehouses that were once a source of inexpensive studio space for artists.

In this installment of Real Estate Perspectives, Mark Forbes, executive vice president and head of City National’s real estate division, discusses the major milestones in this rapid gentrification, as well as future prospects for investors.