LOS ANGELES—“Los Angeles’ increasingly intertwined tech, new media and entertainment companies continue to account for a significant percentage of the market’s overall leasing activity,” says Studley corporate managing director Jon Azulay, who is one of the recognized “Tomorrow’s Leaders” for Southern California, in the June issue of Real Estate Forum. He notes that, as a result of this leasing activity, the city is “developing into a vibrant, entrepreneurial environment as younger companies select L.A. for their headquarters operations.”
This leasing activity is underscored by the expanding tech and entertainment companies, like Google, Beats by Dre and Riot Games, all of which have offices in the L.A. area. Azulay uses the example of Riot Games’ recently signed lease for Element LA, a 284,000-square-foot creative office campus. This was the largest lease transaction in several years. Riot Games then followed it up with an additional lease for 77,000 square feet at Kilroy‘s Westside Media Center.
“This activity will likely continue as L.A., from a real estate cost perspective, is more affordable than some other tech hubs such as San Francisco,” Azulay explains, adding that limited supply on the Westside is becoming a danger “not only driving up the rents but resulting in building sales at record-breaking prices.” Companies that cannot afford to be in the Westside markets are seeking creative office space in the arts disctrict and the Spring Street cooridor downtown.
Azualy has nearly 10 years of experience in the commercial real estate sector, and was recently propmoted to his position of corporate managing director last year. To read more about why Azualy’s rise to the top, be sure to check out the—soon to be published—June issue of Real Estate Forum.