Author: Erica Feher | October 2, 2013
Mixed reviews in terms of the future of the commercial real estate industry in Southern California was the theme at the Southern California Development Forum seminar this month. Here are a couple of takeaways concerning the current state and future of the commercial real estate market:
- Mass urbanization will take place around public transportation currently under construction. However, Los Angeles is missing big transportation, such as an expo line among popular destinations, such as Los Angles International Airport and Dodger Stadium.
- The Expo Line will be a game changer for downtown and the Westside, providing a quick and easy way to travel between the two.
- The current top demand drivers in Los Angeles are investment banking, high tech, entertainment and professional services.
- Overall tenant quality has improved while entitlements remain challenging.
- There is a lack of new space available for buyers, which requires modernizing existing buildings.
- Major accounting firms and law firms are reducing the amount space they need and adapting to smaller work spaces.