A lengthy boom in real estate in California is expected to continue to benefit Los Angeles. In fact, a recent survey by CBRE Group, a commercial real estate services firm, indicated that Los Angeles was in first place among cities drawing investors interested in purchasing North American property. As a result, the number of commercial real estate purchases and commercial leases is expected to remain strong in 2017.
Los Angeles is very attractive among real estate investors these days due in part to the strong job growth in part of the state. In fact, there is more job growth in Los Angeles than in San Jose and San Francisco combined. This is likely because the city has much of what the millennial generation likes: Hollywood, Venice, beaches and mountains.
In addition, Silicon Valley is lacking in office space. However, Los Angeles has a fairly large amount of available space, so technology companies are increasingly eyeing the City of Angels for property. Furthermore, Los Angeles is generally cleaner than many other cities around the world, with its emissions-control program making the city attractive internationally.
As commercial leases continue to become available in Los Angeles, more businesses can take advantage of them in an effort to grow their presence and profits in this in-demand city. However, negotiating a commercial lease can be tricky. An attorney can help with the negotiation process so that a business owner’s long-term goals are considered in the terms of the agreement before he or she signs the contract.
Source: latimes.com, “Is the real estate market about to crash? No way, says this CEO — and here’s why“, Roger Vincent, May 27, 2017