Dear Friends and Family,
As we approach the holiday season, we look back at some of the housing and development trends from the last month. Working from home has become more prevalent than ever and landlords are becoming more attuned to the desires and needs of their tenants who are spending more time indoors. Downtown Los Angeles claims an impressive marker as it looks to rebuild in the post-pandemic era. Californians look for more affordable living situations elsewhere in the state, and West Los Angeles looks to capitalize on the presence of public transit and develop facilities for life science research.
More Tenants Working From Home Means New Expectations of Landlords and Amenities
Nearly 19 months after the onset of pandemic lockdowns, adjustments that might once have been predicted to be temporary — working from home, dealing with high package volumes — are still very much influencing the multifamily market and how owners approach attracting and retaining tenants, real estate industry professionals speaking at Bisnow’s Multifamily Annual Conference West event said Tuesday. “I don’t think that work-from-home is going anywhere,” Greystar Senior Director of Real Estate Operations Kesha Fisher said. “And so you’re going to have to ensure that you have different types of amenities.”
Report: Downtown L.A. Leads the Country in New Apartment Construction
“As one of the most gentrified, culturally diverse and fast-paced neighborhoods in the city, DTLA continues to grow in terms of new rental apartments,” reads the report. “The area, which is abundant in entertainment and beautiful architecture, has seen a notable 10,136 new rental apartments in the last five years alone — almost twice as many as any other neighborhood in the U.S.” Second place finisher Midtown Atlanta, by comparison, added 5,936 new apartments over the same time period.
California’s Inland Empire Lures More Residents as More Flee Pricey Coastal Cities
Many of the new inland residents, who still commute to jobs in Los Angeles and Orange Counties, say the longer drive is offset by more affordable homes and better schools. The pandemic made the choice easier for those who could work from home. Median prices for single-family homes in Riverside County stand at $570,000, significantly less than the state’s median of $827,940 and well below San Francisco’s $1.85 million and $830,070 in Los Angeles.
HATCHspaces, NexCore Group Plan New Life Science Build in West L.A.
Located at Pico and Sepulveda in West Los Angeles, the development is possible thanks to zoning overlays that were planned around transit stops. The property is adjacent to the Expo/Sepulveda Station of the Expo Line, which connects West Los Angeles to the rest of the city, including Downtown L.A., USC, Coliseum and Exposition Park and Santa Monica. As a result, there has been a hub of tech, AI, digital health and life science companies along L.A. ‘s transit line. This project is yet another example of the boom in life science that has occurred since the pandemic. The market segment seems to be in demand in both established life science hubs like San Diego, San Francisco and Boston, as well as growth markets including Los Angeles and New York City.
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As always, please respond with your questions, comments, and thoughts. Until next time, hope you have a great rest of your day!