Technology companies have been hiring at such a rapid pace that they have come to rule the Los Angeles office market and are spreading their influence into neighborhoods such as Silver Lake and West Adams that were not previously considered white-collar business centers.
About 3.8 million square feet of office space is under construction in L.A. County and 50% of that is pre-leased, said Petra Durnin, CBRE’s director of research for the region.Advertisement Koreatown, Long Beach, Silver Lake and Echo Park, neighborhoods that are attractive to a lot of millennials as places to live and play, are among the places creative tech companies are landing, Durnin said.
West Adams is in a federal Opportunity Zone, which offers tax incentives to investors, and is close to the future Crenshaw Metro Line expansion that will link the Expo Line to the Green Line and provide service to downtown, Santa Monica and Los Angeles International Airport. “They also want a vibrant environment outside,” he said. “Their facilities are recruiting tools to attract and retain talent.”
Tech workers in Los Angeles earn an average of $104,000 a year, a 12% increase over the last five years and 8% above the national average, CBRE said.The second-highest cost after employee wages for most companies is office rent. Los Angeles ranked as the third most expensive office market surveyed by CBRE and fourth in terms of apartment rents .
Call me xenophobic, but I don't want these cats in my neighborhood, stay away!
West Adams, my neighborhood!
... Silver lake neighborhood should get offended, it's not like they are in deep woods 🤨
Ruining everything in their sight because devastating San Fran wasn't enough.
Reminds me of the dot com boom of the early-mid 90s that had me renting a dining room in San Francisco while working at the mall and trying to put myself through college.
ZBankEnt PositiveStun
Reply: 07/19/19 05:20:41