Los Angeles West—known to locals as “the Westside”—is regarded as one of the most desirable live-work-play destinations in Southern California. Benefiting from a vast tenant base, a highly skilled workforce, high-quality office and housing supply and world-class retail and entertainment amenities, Los Angeles West continues to maintain its status as one of the nation’s premier markets. With approximately 890,000 residents, the Westside offers a young, highly educated labor force to support the region’s high-wage employers. The Westside remains a key financial hub for Greater Los Angeles, and a preferred location for entertainment, media, legal and professional services firms. In recent years, however, the market has also evolved to include more technology firms, amplifying office demand even further. Districts like Playa Vista, Venice, Marina del Rey and even Culver City have become an epicenter for major technology, media and creative players like Google, Apple and Amazon, earning the area the nickname of “Silicon Beach.”
The Los Angeles West office market also encompasses some of the region’s most coveted and prestigious communities including Santa Monica, Pacific Palisades, Beverly Hills, Century City, Westwood and Brentwood, each with distinct attributes that accommodate different office users, from entertainment agencies in Westwood high-rises to chic lifestyle brands in the boutiques of Beverly Hills.
Strong and steady job growth in the region remains a potent source of office demand – since last year, Los Angeles’ employment base expanded by approximately 63,400 jobs (nonfarm) with an unemployment rate amongst the lowest seen over the last decade at 5.0% (July 2019). In addition, consumer demand and spending have remained resilient while in-migration and tourism continue to thrive.
Looking Beyond West Los Angeles?
Whether your portfolio extends beyond West Los Angeles, or you simply want to understand how global real estate trends can impact your strategy, we’re here to help. Cushman & Wakefield has a strong market presence across the world, allowing clients to benefit from market intelligence and insights drawn from 400 global offices in 70 countries.
