LOS ANGELES—Inglewood is on the verge of a major growth spurt. The new Hollywood Park development will house the Los Angeles Rams and bring retail and housing amenities to the market, but it isn't the only reason to get excited about the market. A dearth of housing supply and pressure from overcrowded South Bay cities is also helping to heat up the market. To look into Inglewood's highly anticipated growth, what residents in the market should expect and how the market is expected to grow in the near future, we sat down with Inglewood and South Bay expert Robert Healey, SVP at CBRE, for an exclusive interview.

GlobeSt.com: How is the new stadium development serving as a catalyst for growth in Inglewood?

Robert Healey: The new stadium combined with the unique development of retail, entertainment, office, hotels and various levels of housing inventory is a great foundation to spur additional growth in the city. The new stadium and massive mixed-use complex will be a brand-new point of attraction for the Westside, bringing in new visitors to the city and supporting the evolution of the surrounding area. The new housing stock will also bring new permanent residents to Inglewood and surrounding parts of town, which will increase local spending and help buoy the overall area. It is important to understand, this new development is more than just a stadium. It is an entertainment and mixed-use project that will attract visitors and residents 365 days a year.

GlobeSt.com: Are there other factors contributing to the growth of this market?

Healey: The Los Angeles basin is filling up, and housing and large blocks of office space are becoming more difficult to secure, particularly on the Westside. The central geographic location of Inglewood, being close to LAX airport, the area's beach communities and Playa Vista with the new expanded light rail are all factors that will help increase the attractiveness of and demand in Inglewood.

GlobeSt.com: What can residents of Inglewood, which has historically been a low income market in Los Angeles, expect as a result of this growth?

Healey: Such a world-class mixed-use development will likely increase values of homeowners' properties in this area and drive visitor traffic to the local retail surrounding Hollywood Park, not to mention the influx of tax revenue to the city. All this has the potential to help upgrade city infrastructure such as parks, recreation centers and schools in the immediate area.

GlobeSt.com: Do you think that the announcement about a second NFL team (The Chargers) coming to L.A. will hinder or detract from the growth in this market?

Healy: I don't believe it will be a hindrance but instead increase growth and add more revenues to the city's existing commercial business located around Hollywood Park.

GlobeSt.com: What is your expectation for the market this year?

Healey: I feel an increase in interest rates may temper the investment market, but there is still strong demand from investors looking for 'hard' assets such as real estate versus other investment options, like stocks and bonds. Investors are especially attracted to stable and well-known thriving populations centers such as the Greater Los Angeles area and Southern California. All that bodes well for our region in 2017.

GlobeSt.com: How is the new stadium development serving as a catalyst for growth in Inglewood?

GlobeSt.com: Are there other factors contributing to the growth of this market?

GlobeSt.com: What can residents of Inglewood, which has historically been a low income market in Los Angeles, expect as a result of this growth?

GlobeSt.com: Do you think that the announcement about a second NFL team (The Chargers) coming to L.A. will hinder or detract from the growth in this market?

Healy: I don't believe it will be a hindrance but instead increase growth and add more revenues to the city's existing commercial business located around Hollywood Park.

GlobeSt.com: What is your expectation for the market this year?

Instant Insights /

Inglewood Growth 'More Than Just a Stadium'

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