Mayor Garcetti recently returned from Asia with a trade delegation from Los Angeles that was focused on furthering our city’s commerce and relationships with our Pacific Rim neighbors. I was fortunate to be invited to attend an event recapping his trip that was held at the Getty House, the Mayor’s residence in Windsor Square. United by an ocean, the neighboring countries share a strong commercial interest with the United States and the Mayor has been earnest in developing strong relationships that foster greater trust and increased commerce with Los Angeles. Many of the formalities from earlier trips were less evident this time around which made for a more direct, friendly, and productive exchange.
Listening to the conversation between the Mayor and event moderator, Congressman David Drier, I was inspired by much of what was discussed and by the trips significance, especially as to how it may impact the areas real estate. I have posted a link to the conversation here.
Los Angeles is the largest city in the Western United States. We are the United States gateway city to the Pacific Rim where two thirds of the world’s economy is generated. The Port of Los Angeles receives 40% of our nations imports and we are fast becoming the most significant city in the US for start up companies, where one is started every 40 hours.
The entertainment industry – music and motion pictures – has long been based here but now with the additional presence of technology companies, video gaming, and the flood of increased investment into the area we are witnessing a heightened synergy between technology, entertainment and the arts. Our top rated local universities and educational facilities remain innovative hubs as well, providing a wellspring of education and creativity.
More important than commerce alone, the Mayor focused on finding ways we can make our lives better here while working with our Asian partners improve peoples lives there as well.
As I drive around LA the tremendous change is evident everywhere. Our light rail system is finally about to connect the Westside with other parts of our city. By 2025 light rail will extend to LAX. New building construction is evident in all parts of the city. I owned a manufacturing business in dreary downtown for years. But now, as I drive through downtown, I’m quick to recognize the major change that has occurred there. Downtown residential real estate has transformed the landscape. New businesses are thriving. People are out at night in all parts of downtown enjoying the new restaurants and clubs.
We are a global city. Korean Airlines is about to break ground on what will be the tallest building West of the Mississippi. Our communities are ethnically diverse, we speak the languages of the Pacific Rim and we remain a destination city for many. All of this will affect real estate, from the look of some of our neighborhoods to our home values. I hope you have time to listen to the conversation. I’d love to hear your thoughts and comments.