Los Angeles is on its way to becoming a global city. A new report from JLL shows that the city has all of the qualities of a global city, including innovation, real estate investment and improving infrastructure. We sat down with Amber Schiada, research director of the Southwest at JLL, to talk about how L.A. is evolving into a world-class city and the characteristics of the cities growth.

GlobeSt.com: What are the markers of a world-class city?

Amber Schiada: World-class cities are defined by a mix of key qualities, some harder to measure than others. From a tactical standpoint, infrastructure to support growth is important, such as great transit, steady housing supply, and good governance to keep the city running smoothly. Innovation is also imperative, whether that's a highly educated workforce, or an industry mix that encourages new ideas and creativity. And of course, beautiful architecture and sense of culture are the cherry on top.

GlobeSt.com: Why is now the time for L.A. to grow into a world-class city?

Schiada: I'd argue that L.A. has been a world class city in its own right for many decades, but the evolution the city is undergoing now is what's driving its ranking higher than in previous years' indices. The heavy investment in transit infrastructure is one of the more exciting developments under way, and while it won't solve our transit problems, it is a step in the right direction toward more sustainable growth. Additional housing supply, exceeding 11,000 units in development today, will help ease some of the housing challenges, and the drive toward denser development is integral to the advancement of the city. Between now and the 2028 Olympics, there will be a lot of change in L.A. which will continue to push the city's profile into the spotlight.

GlobeSt.com: What is driving the city to become a hub for technology and innovation?

Schiada: Everyone wants to create content and L.A. is the best place to tap into the highly concentrated media and entertainment industry. Similar to the young engineer with a great app idea moving to Silicon Valley to sell their innovation, tech companies that want to create original content are expanding into L.A. to capitalize on the talent and innovators already here. But the convergence is not just on the soft side, but also in hardware. 3D movies are commonplace now, but the next wave is in virtual or augmented reality, and there are a handful of young tech companies currently working on this in L.A. We have the engineering talent base to support continued growth in this industry, with more than 100,000 people employed in tech-related fields, making it a top 10 market in this regard.

GlobeSt.com: How is real estate investment contributing to this growth?

Schiada: International capital has always had a place in L.A. In fact, L.A. is a top three global investment target, and it also boasts the most diverse investment mix by asset class. But focusing more locally, there is a lot of great investment under way in all areas of the city in all asset classes. Capital investment dollars in downtown L.A. are resulting in newly renovated office lobbies that better activate the local streetscape. And throughout the city, office adaptive reuse projects are breathing new life into properties and local markets. There is also a lot of great opportunity to invest in rising markets that have all the right ingredients, like the downtown L.A. historic core with its great architecture and access to transit, or Culver City, where investment in the last five years has transformed the area closest to the Metro line.

GlobeSt.com: How is the city encouraging this growth?

Schiada: Angelinos voted for Measure M last year, giving the stamp of approval to increase transportation infrastructure, so that's been a huge win for all residents. All great world cities have a well-established public transit and Los Angeles is catching up fast. The Adaptive-re-use ordinance has also been a successful growth catalyst since it was passed in 1999, allowing developers expedited approval process on conversion of existing product. The result has led to 6,900 additional multifamily units. Decaying buildings have found a new second life as cool lofts attracting many Millennial and Baby boomers favoring urban living.

GlobeSt.com: What are the markers of a world-class city?

GlobeSt.com: Why is now the time for L.A. to grow into a world-class city?

GlobeSt.com: What is driving the city to become a hub for technology and innovation?

GlobeSt.com: How is real estate investment contributing to this growth?

GlobeSt.com: How is the city encouraging this growth?

Instant Insights /

What L.A. Needs to Become a Global City

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