It’s in the cards. In the future, we’re going to buy more stuff, build more stuff, make more stuff and warehouse more stuff, and these activities will keep SoCal industrial real estate market strong. Experts say the wide array of economic and real estate expansion that we are currently noticing around town will support healthy employment activity over next two years. This year, countywide employment is predicted to grow by 61,000 positions, or 1.6%, followed by 72,000 new hires in 2014, an increase of 1.8%.
Much of this new employment is coming in the way of new construction, and is good for the industrial market. Why kind of new construction, you wonder? Check out these billion dollar projects:
* Our football stadium, Farmers Field, was finally approved by the Los Angeles City Council in a 12-0 vote on September 28, 2012. The $1 billion, 78,000-seat stadium downtown in downtown will double the size of the Convention Center.
Soon, Los Angeles will be able to host an NFL team < this hasn’t happened since the Rams and the Raiders left Los Angeles at the end of 1994.
Construction of the project is anticipated to generate over $1.7 billion for the local economy, and add nearly 20,000 full-time jobs resulting from direct and indirect operations.
* The Tom Bradley International Terminal is undergoing a $1.5 billion renovation and expansion project that will be complete this year. This modern engineering marvel will feature 18 roomier boarding gates with nine built for new-generation aircrafts. The project is using recycled building materials and is expected to achieve a LEED Silver certification from the U.S. Green Building Council, as well as a host of other architecture and design awards.
The passenger experience will be enriched by upgraded customs/immigration and federal security screening areas for more efficient processing, as well as secured corridors so connecting passengers can travel between the New TBIT and Terminals 3 and 4. New state-of-the-art, baggage-handling systems will improve passenger wait times and speed travelers through the ticketing process.
Fyi, LAX is the sixth busiest airport in the world and third busiest in the United States, offering more than 600 daily flights to 91 domestic cities and over 1,000 weekly nonstop flights to 58 cities in 32 countries on nearly 75 air carriers. In 2011, LAX served more than 61.8 million passengers, processed more than 1.8 million tons of air cargo valued at nearly $84.6 billion, and handled 603,912 aircraft operations (landings and takeoffs).
* And the award for entertainment development goes to the Grand Avenue redevelopment project. Plans call for a $3 billion, 3.2 million-square-foot project near the Walt Disney Concert Hall in downtown Los Angeles. The project will include 2,600 residential units, 449,000 square feet of retail space, a five-star hotel, and a 16- acre park. The development is expected to support 5,900 permanent positions. The wide array of economic and real estate expansion will support healthy employment activity over the two-year forecast period. This year, countywide headcounts will grow by 61,000 positions, or 1.6%, followed by 72,000 new hires in 2014, an increase of 1.8%.
* And let us not forget our much-anticipated Expo Line light rail. The Expo Line will run from downtown Los Angeles to Santa Monica in approximately 46 minutes – even during rush hour. The 15.2 mile Expo Line will bring light rail to the Exposition Corridor, with 19 stations. Service on Phase 1 began service to the Culver City station on June 20, 2012. Phase 2 will extend the line out to Santa Monica and construction is scheduled to be completed in 2015. Estimated costs for the project are $930 million for Phase 1 and $1.5 billion for Phase 2. By 2030, an estimated 64,000 passengers are expected to ride the Expo Line each day – which would make it one of the most heavily used light rail lines in the country.
Those with a vision, see our growth. Be a part of the plan, buy more stuff, build more stuff, make more stuff and warehouse more stuff.
We’re here to help you with your real estate needs. Please contact Jodi Summers and the SoCal Investment Real Estate Group @ Sotheby’s International Realty – firstname.lastname@example.org or 310.392.1211, and let us move forward together.
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