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The Greater Los Angeles area is the second most populous office market in the country to New York City. Due to the entertainment industry and manufacturing prominence the city experienced tremendous growth following World War II. It holds the three largest production studios for film and television Paramount Pictures, 20th Century Fox, and Universal Picture with a large amount of it’s economy based on media industry. Los Angeles is also the largest manufacturing center in the West and holds the fifth busiest port in the world which holds vital to trade in the Pacific. In total it holds 75 miles of sunny coastline with popular beach locations making Los Angeles office space a unique mix of options for startups and small businesses to work, live and play.
More recently Los Angeles has become a popular destination and launching pad for startups and technology companies. With the name "Silicon Beach" the west side Los Angeles is reported to house over 500 startups with larger tech firms and investors taking notice. In the wake of Snap's IPO the amount of venture capital and infrastructure to build a true technology eco system is thought to be inevitable in Los Angeles.
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Commonly known as home to the Hollywood Stars, Beverly Hills is a city in LA County surrounded by Los Angeles and West Hollywood. Beverly Hills is also home to the entertainment company Live Nation and Hilton Hotels Corporation. Rodeo Drive is infamous for it’s high end shopping district full of designer boutiques. Maybe less known is the Beverly Hills Oil Fields which has four oil drilling sites in the area.
Century City is a neighborhood and business area in Los Angeles surrounding Fox Studios. The area is filled with high rises, hotels, and office buildings. The population is over 6,000 people with 94% of people living there employed. The Westfield mall is a big attraction filled with many stores and restaurants. Across the street from the mall are more outdoor restaurants and a museum.
Everything from traditional professional firms to forward-looking creative agencies call Downtown Los Angeles home. Fashion, advertising, and entertainment also have an extensive footprint in the area to make it one of the most diverse submarkets in the region. Coworking and creative space are now the primary drivers to Downtown’s commercial real estate market as organizations from all economic sectors prefer the flexibility and collaboration that such space provides.
The existing Downtown inventory consists of a wide range of space types, including Class A, Class B, warehouse, retail, restaurant, and coworking. Many properties now emphasize the views, green space, and open environment that makes the Downtown commercial space so unique. Businesses will find sizes from 3,000 sq ft to 20,000 sq with rents averaging $3.50/sq FSG.There has been significant development in the Downtown area over the past decade with no slowdown in sight. Many of those developments concentrate on the work/live/play balance that is so important to today’s workforce. Several condominium buildings and hotels with packed happy hours, lounges, and rooftop bars now serve the largely millennial Downtown workforce. Parking is still an issue in the area but developers are integrating additional spaces into newer projects. Companies can expect to pay anywhere between $200 to $300 for each space per month.
El Segundo is directly south of the Los Angeles Airport and shares its coastline with the Santa Monica Bay. With the combination of Chevron’s refinery and it’s close proximity to the airport the city has grown to become a major aeronautical and industrial business center. Boeing, Raytheon, Lockheed Martin, and The Aerospace Corporation all have facilities in the area. home to the Los Angeles Air Force Base. Mattel, AT&T Entertainment, and Stamps.com are also headquartered in El Segundo.
Glendale is the fourth largest city in LA and holds a diverse mix of residential and commercial office space. In the early 20th century Glendale was a large part of the advances in aviation including the first departure point for Charles Lindburgh West to East coast flight - the original terminal still stands today. Throughout the years Glendale has grown to be a hub for many businesses across the industries of entertainment, dining, and technology.
As a neighboring city of Burbank, Glendale has served as an overflow for many companies in the entertainment industry. It is home to over 25 companies in the film and TV industry including DreamWorks Studios and Walt Disney Animation Studios. Down Honolulu Blvd you’ll see a wide selection of retail space with shopping and restaurants. Other major companies headquartered in Glendale includes Whole Foods Market, Legal Zoom, Dine Equity/IHOP and Public Storage.
Inglewood neighborhood is nicknamed “The City of Champions” and is just south of the Los Angeles’ International Airport. This area will soon be the home of state of the art Los Angeles Stadium of Hollywood Park which will serve as the home field NFL Rams and Chargers. This new stadium has created a lot of buzz in the neighborhood and has brought attention to the surrounding real estate as the new stadium plans to open in 2020 and is slotted to host the Super Bowl in 2028.
Long Beach is difficult to define in a way that’s its greatest strength. Part oceanfront paradise, part industrial powerhouse, commercial real estate in Long Beach is as varied as the city itself. Both the town and its eclectic mix of businesses use its unique combination of location, environment, history, and diversity as powerful drivers for growth. As demonstrated by its booming Downtown district, Long Beach is a thriving market and powerful financial anchor for the entire Greater Los Angeles economy.
The commercial real estate market in Long Beach offers something for everyone within its massive footprint. The Port of Long Beach is the second largest port in the country and features a vast inventory of industrial space. Belmont Shore is a prototypical California beach environment with trendy restaurants, retail, office buildings, and sightseeing. Downtown Long Beach typifies the city's explosive growth with new developments and redevelopments continually bolstering the area's claim as an economic powerhouse.
Space size has a wide range but generally averages around 2,000 sq ft in the low to mid $2.00/sq ft range for office space and in the $3.50 to $4.00/sq ft range for Downtown retail space. Parking is currently restricted due to the many construction projects throughout Downtown but will clear up significantly upon completion. Many buildings have their own dedicated structures that offer two hours of free parking.
Pasadena is Northeast of Downtown LA and commonly known as “The City of Roses”. This primary cultural center of the San Gabriel Valley boasts many activities with botanical gardens, museums, and other attractions such as The Wrigley Mansiona. Old Pasadena holds one of the most vibrant walkable areas with shops, dining, and all the modern conveniences. The city of Pasadena is also known for the Rose Bowl for college football and home to the UCLA Bruins, and the Rose Parade held every year January 1st.
The beach city vibe of Santa Monica permeates the many companies and industries that call it home. It’s a city that is especially attractive to creative and innovative businesses like technology firms, video game designers and producers, and companies from all facets of the entertainment industry.
Companies will find a wide variety of office types throughout the city. The inventory is primarily Class B in older buildings as well as a significant amount of coworking space. Class A space is available but to a lesser degree along with a small amount of industrial space. Offices in Santa Monica cater to smaller and dynamic companies with the average space at 450 sq ft and yearly rents of $71/sq ft. Businesses can find larger inventory in many of the mid to high-rise buildings but most of Santa Monica’s real estate is best suited for startups and smaller enterprises.
Parking is generally available in the city but can be quite expensive. Most buildings have a limited number of spaces so many employees use the public lots spread throughout the city. Santa Monica is also slow to embrace development projects and new construction despite the many projects sprouting up around the nearby West LA submarkets.
Torrance is on the southwest border of Los Angeles county in a region known as the South Bay. Torrance hosts a wide range of businesses including the US Headquarters of Honda Motors and King’s Hawaiian main Bakery facility. The city offers luxurious shopping at Del Amo Fashion Center one of the 5 largest malls in America. With 46 parks and recreational facilities Torrance has a wide range of activities in the city.
Also known as WeHo, the commercial space in West Hollywood is popular with retailers, restaurants, nightclubs, and entertainment companies but several other industries also favor its unique qualities. Businesses will find Class A, Class B, and a significant inventory of coworking space within its borders. Studio space is also available in the city with a total average size of 580 sq ft. Companies can find some larger spaces up to 6,000 sq ft and a handful of industrial options as well. Rents across West Hollywood average $80 sq ft/yr.Parking is tight in the city and almost always at a cost. Larger developments typically feature underground or metered street spaces and most businesses validate short-term parking. Leases often include a small number of spaces at a monthly fee to the tenant. The few newer commercial projects in West Hollywood usually offer underground or rooftop parking, much like the mixed-use development taking shape at 8555 Santa Monica Blvd. As one of the most noteworthy new construction sites in the city, the project features a first-floor supermarket, 16,000 sq ft of creative office space on the second floor, and rooftop parking on the third.
Westwood neighborhood is known to most due to the University of California Los Angeles, otherwise known as UCLA being located there. The UCLA hospital is also located here which is one of the best hospitals in the nation. The commercial district is filled with restaurants and shops. There are multiple movie theaters and museums including the famous Geffen Playhouse and the Hammer Museum. The population is over 55,000 people with the average age being 36 years old.