barbara voss BarbaraVoss

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At El Segundo's State of the City conferencethis week, El Segundo leaders outlined the market's substantialgrowth this cycle and the local strategies driving activity. Thecity has prioritized customer service, public safety, being theemployer of choice, infrastructure and technology and economicdevelopment and fiscal responsibility to fuel growth and attractnew innovative industries to the market. Mayor Drew Boyles wasamong the leaders in attendance.

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"In 2019, the city launched enhanced communications efforts withthe goal to be consistent, proactive and collaborative and providea new level of customer services to its residents and businesses,"Barbara Voss, deputy city manager of El Segundo,tells GlobeSt.com. "Crime decreased by 10%.  We also hireda new city manager in Scott Mitnick that isbringing his 30 years of expertise and positioning andgrowing the city for the future."

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In terms of infrastructure, the city's taskforce is focused onlandscaping, lighting and signage, which is helping to rebrand thecity and create value. "El Segundo commercial real estate is valuedat $285 million, a 69% increase over the previous five year averageof $169 million," says Voss. "Topgolf coming to ElSegundo, slated for June 2021. It will creating 500 newjobs. Finally, the city is moving forward with exploringthe feasibility of creating a new civic plaza on Main Street."

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Just as important to the city's growth are the new diverseindustries planting roots in the city.  "The city of ElSegundo continues to see a diverse migration of companies coming tothe city," says Voss. "The innovative industries include aerospace,creative services, technology and biotech, just to name afew.  They value the city's labor, amenities andbusiness-friendly environment."

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The impact of inward migration has been significant. "The growthof businesses continue to have an impact on the El Segundocommercial real estate market with Class A office rents increasing54% in the past five years according to JLL. Additionally, with demand comes new development and redevelopmentprojects from companies like Continental Development Corporation,Hackman Capital, Griffin Capital, Messori Development, AtlasCapital Group and Marshall Property & Development among themost active in the area," says Voss.

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The conference was focused on future growth, and the sentimentwas resoundingly positive. "The city of El Segundo will continue tobe a premier location for growing businesses," says Voss."Attendees are excited to hear about planned city projects, newdevelopments, Topgolf and other amenities coming soon and theoverall growth of the city."

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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.