Dear Friends and Family,
As we get deeper into the fall season, change remains a common theme in the Los Angeles area. The local apartment market returns to pre-pandemic levels as the economy makes its recovery. Building design shifts to combat the spread of disease, with greater emphasis put on ventilation systems and touchless modes of mobility. Downtown LA’s Arts District makes moves to rebuild itself as an attractive living/working neighborhood. Finally, the LA Clippers break ground on their new arena in Inglewood, as the city marks another step in its revitalization as the region’s sports and entertainment center.
Los Angeles Apartments Roar Back After the Pandemic
Job growth is behind the market’s swift recovery. In the second quarter, 89,000 jobs were added to the employment market. At the same time, 9,700 units were leased and the county added 37,000 new households to Los Angeles County. Marcus & Millichap expects equally strong job growth in the second half of the year, ultimately predicting that 250,000 jobs will be added to the market this year.
Healthier Buildings Emerge Out of the Pandemic
“Since the pandemic, spaces within commercial buildings are incorporating designs that allow for social distancing, such as workspaces that are staggered or all face the same direction, increased distance between seats in conference rooms, and the installation of plexiglass in spaces where people interact close to each other,” Patrick Winters, president and principal of Nadel Architecture + Planning, tells GlobeSt.com. “Touchless building systems for elevators and restrooms, an enhanced focus on sanitization, anti-microbial materials and technology, more stairways (particularly in smaller offices and buildings), and additional entryways and exits to prevent crowding in these places have also become increasingly common.”
“Big Changes Are Coming”: LA Arts District Poised for More Office, Multifamily Development
New development, in the pipeline and under construction, has a dramatic influx of office space and a significant crop of multifamily units planned for the market in the approximately 55-block neighborhood roughly bounded by the Los Angeles River and First, Seventh and Alameda streets. Infrastructure projects, including the Sixth Street Bridge and a station on the new Regional Connector subway route, will play a role, too, in shepherding in a new stage in the neighborhood’s evolution.
L.A. Clippers break ground on $1.2-billion arena in Inglewood
The naming rights agreement is accompanied by a commitment from Intuit to provide $1 million over the next three years to continue a program with local school districts that provides financial education to students, as well as a commitment to offer free tax preparation services to low-income services in the surrounding area. Likewise, Ballmer and the Clippers have agreed to a $100-million community benefits package that would go toward affordable housing development and preservation, homeowner and rental assistance, and other community projects in Inglewood.
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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!