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Rising interest rates and peak pricing conditions have slowed home sale activity in Los Angeles, but growth in the tech industry will continue to fuel demand for housing. This is particularly true in markets with a strong presence of tech companies, like West Los Angeles, Hollywood and more recently Downtown Los Angeles. This suggests that the current slow down in market activity is a market pause.

“With companies like Google acquiring massive office space, like the Westside Pavilion) in the center of West Los Angeles and the influx of similar companies throughout Los Angles brings extreme growth, more offices comes more tech workers, requiring housing who will continue to make an impact on local real estate,” Brett Miller, a broker at Nourmand & Associates, tells GlobeSt.com. “Most of my developer clients are asking for product within a couple mile radius from what will be Google’s new site to tear down older homes that will make way for new more expensive properties, which the younger techies can afford.”

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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.

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