LOS ANGELES—“After lagging behind for a few years, Los Angelescommercial real estate is finally catching up with the Bay area,”according to a video report produced by AllenMatkins and UCLA Anderson. In the videoreport, which GlobeSt.com has exclusively, industry experts discussthe Los Angeles market across the office,industrial and multifamilysectors, and agree that the three-year outlook is strong.

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The information in the video is commentary about a recentsurvey conducted by UCLA Anderson and Allen Matkinsthat showed Southern California new construction would remainstrong through 2017. In Los Angeles, this new construction isconcentrated in Downtown L.A, according to the video, as well asHollywood, according to a recent interview with JohnTipton, Allen Matkins attorney.

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According to experts, L.A. has replaced the industries it lostduring the recession, like oil, national banks and aerospaceindustries, with new professional industries, namely entertainmentand technology. These industries are helping to fuel demand in theoffice sector, which had not been built out before the 2008 and2009 recession hit.

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This job growth has also helped to fuel the demand for newhousing in the Los Angeles market and has put upward pressure onrental rates, which inevitably has led developers to launch newmultifamily projects to fill supply. “People come here for theopportunities. It is a very open city that welcomes new comers, andso the combination of those will always make it a very attractiveplace to put down your stake and take your shot," says Tipton.

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Outside of Los Angeles, the Inland Empire is also booming.Expert Barbara Emmons, CBRE vice Chairman explainsthat the demand there is driven “by the fact that there isavailable land, and you can build big buildings there.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.