Avison Young in Los Angeles West
Avison Young opened its first Los Angeles office in August 2011, forming a base for locations across the Southern California region. The Los Angeles-West office has a strong affiliation with many of the most notable firms in the entertainment industry. L.A. brokers serve tenants, landlords and investors while sharing knowledge in all aspects of the real estate industry. The Los Angeles offices work very closely with many of the Avison Young offices located throughout the United States and Canada.
When people think of Los Angeles they most typically refer to West Los Angeles, an area in the Southwest region of Los Angeles County. The boundaries are the emerging tech markets of Playa Vista and the Marina Del Rey to the south (also known as “Silicon Beach”), Pacific Palisades and the expansive executive residences to the north, Miracle Mile and some of historical Los Angeles to the east, and the Pacific Ocean, and all that Pacific Coast Highway conjures up, to the west. The area is about 101 square miles and includes the cities of Los Angeles, Beverly Hills, Culver City, Santa Monica, Hollywood, West Hollywood Marina Del Rey, with an estimated population of 625,860. Two major freeways, I- 10 and I-405, provide access to West Los Angeles and public transportation options have expanded with the extension of the light rail (Expo Line) from Downtown Los Angeles to Santa Monica.
West Los Angeles is home to several well-regarded educational institutions, including University of California, Los Angeles and Pepperdine University, recently voted the 2nd most beautiful campus in the nation according to the Princeton Review. Industries include entertainment, media, technology, financial, legal services, engineering, architecture, healthcare, real estate and government. West Los Angeles has morphed into the epicenter of the creative office trend and some of the newer, more internet-centric entertainment giants, such as Google and Netflix, are now replacing some of “old” Hollywood. Technology, media and entertainment companies have a significant presence in West Los Angeles, including Sony Pictures Studios, 20th Century Fox, Creative Artists Agency, William Morris / Endeavor, United Talent Agency, Universal Music Group, Riot Games and Lions Gate Entertainment.
Domestic and international tourists have numerous attractions to choose from in West Los Angeles, including The Getty Center, Los Angeles County Museum of Art and the Museum of Tolerance. Shopping, outdoor activities, concerts and restaurants can be found at the Third Street Promenade in Santa Monica, Downtown Culver City, internationally famed Rodeo Drive in Beverly Hills, Museum Row on Miracle Mile, Little Osaka, Marina Del Rey, Venice, the Fairfax District and Melrose Districts including the famous Farmer’s Market / The Grove. The diversity of amenities available in West Los Angeles make it the premier area to live, work and play.
The West Los Angeles office market is comprised of 58 million square feet within 11 submarkets. The submarkets included in West Los Angeles are Century City, Santa Monica, Beverly Hills, Miracle Mile, Westwood, Culver City, Marina Del Rey/Playa Vista, Brentwood, Olympic Corridor, West Hollywood and West Los Angeles. West Los Angeles office space makes up 28% of the inventory in the Los Angeles County office market.
The submarkets that have historically commanded high rents in West Los Angeles are Beverly Hills, Santa Monica and West Hollywood. Some of the most desirable retail spaces in the nation are on Rodeo Drive in Beverly Hills, Third Street Promenade in Santa Monica, and Melrose District in West Hollywood.
The industrial buildings that were built in the 1950s to 1970s are finding highest and best use as converted creative office space. Industrial buildings that were once occupied by furniture manufacturers, printing companies and distribution companies are now occupied by media, technology, entertainment and advertising companies. The area in West Los Angeles that is experiencing a high degree of conversion to creative office is the Hayden Tract in Culver City.
Interest from institutional investors in the West Los Angeles market is very strong. The strong fundamentals that the office space market is recording has created a desire from domestic and foreign capital as do the internationally famous communities that are well located in West Los Angeles. Demand has outpaced supply and the lack of product on the market has led to investors seeking value-add opportunities.