Lower Westside Booms

One area that has been performing particularly well is the area termed the lower Westside. This is the area north of LAX and south-east of Marina Del Rey. There have been a number of well- known media and technology companies including YouTube, Microsoft and GameFly moving into the area.

Commercial properties in the area are transforming themselves to appeal to the influx of affluent and youthful new residents. Analysts suggest there exists room in the Westside for further entertainment complexes that will appeal to these young workers as well as tourists.

One of the largest projects under way in the area is the $260 million Runway. This is a commercial and entertainment area in the center of the Playa Vista planned community. This community is currently home to over 3000 residential units. Included in the Runway will be a whole foods grocery store, a ten screen movie theater and shops. The total size of the complex will measure approximately four square city blocks.

Howard Hughes headquarters is also getting revamped, as it is converted into industrial and office spaces for creative businesses moving into the area. Many companies are attracted to the lower Westside as it offers the ability to get into the Los Angeles Westside at a lower price point than Santa Monica.

Those who wants to invest and are interested in entering the Los Angeles commercial property market should consider taking action in future. Already there are indications of sharp rise in the number investors returning to the Los Angeles market. In 2012 the number of real estate transactions in LA increased by 40%. This trend has continued throughout 2013. With vacancy rates falling and rents rising we can expect to see growth in prices for Los Angeles commercial property over the next few years.

There are many investment opportunities presenting themselves in the Los Angeles area. Vacancy rates for industrial property are very low at 3.6%. With an improving economy both locally and internationally, demand is almost certain to outstrip available supply. Businesses are showing an increasing willingness to pay premium prices for industrial properties which can meet their specific needs. Single tenant retail space is performing well and even strip centers which have underperformed over the past few years are showing lower vacancy rates.

If you want to invest in the Los Angeles commercial property market it is crucial that your work with an experienced commercial broker. While the outlook for commercial property in Los Angeles is certainly strong caution is still required. Certain areas of the Los Angeles market are set to outperform over the coming years while other areas will struggle. When looking for a broker you want to be sure that they have local knowledge to understand the difference. A recently relocated broker, even one with commercial experience, may not understand the nuances of the local market.

2013 is a great time to be investing in the growing Los Angeles commercial property market. Make sure to choose a commercial property broker who will enable you to take full advantage.

You need an agent who can guide you to the right properties when its the right time to buy them.

After all, timing is everything. Thank you for your consideration.

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