In our prior posts, we have noted how the near future is bright for construction of commercial projects in Southern California. Cheap money, job growth and population growth are all substantial drivers of this growth. But for investors and developers, the principal question is where to find appropriate deals.
Indeed, there are many venues to consider for different needs. However, there are two that are drawing careful consideration from developers and investors. This post will highlight two popular cities.
Long Beach – According to many real estate professionals, Long Beach is ripe with properties that are virtually bargains compared to other cities around the region. Additionally, it has many of the amenities that millenials and potential office tenants are looking for, including prime outdoor and indoor spaces, walkable amenities and proximity to the Pacific Ocean. With such favorable price points and new leadership committed to redevelopment, Long Beach is poised for a renaissance.
Burbank – Like Long Beach, Burbank is working diligently to court millenials, as city leaders believe that this age group is the driver of economic growth. Burbank is home to more than 1000 entertainment related companies, making it the area with the highest concentration of such companies in Los Angeles County. Burbank is also going to be home to the largest IKEA in the United States, and several other high profile companies are building offices in the area, including Tesla Motors.
The emerging opportunities call for the guidance of an experienced real estate attorney. If you have questions about how to protect your interests in the midst of a new development, we can help.