2024 Economic Trends | RECAP

The Los Angeles Business Journal was excited to host the 2024 Economic Trends virtual discussion event on Thursday afternoon, February 1st.

The event featured two lively virtual panel discussions featuring leading experts on the hottest topics on the minds of LA area business leaders at the start of this year. The panels offered an insightful look back on the unprecedented challenges and silver linings of the past few years while providing a deep dive into the economic trends we are facing moving forward into 2024.

Our outstanding group of panelists and moderators examined the issues as they shared their experiences and predictions for the year to come. The panels this year focused on an overall outlook for 2024 and the latest perspectives on the direction the real estate market is going, with expert insights and analysis about the impact current trends are likely to have on the overall economic climate.

TRENDS TO EXPECT IN 2024

The Trends panel featured Mike Amerio, managing partner at Lucas Horsfall; Chris Baron, regional president for Banc of California; Stephen Cheung, president and chief executive officer for the Los Angeles County Economic Development Corporation (LAEDC); Kerra Diener of Withum; and Kandee Lewis, CEO/ president of the Positive Results Center and civil and human rights commissioner for the City of Los Angeles.

Each of the experts weighed in on a variety of hot real estate issues and talking points, including:

• Potential new tax laws

• Potential sunsets in 2026 and how they will affect businesses

• The latest update on employee retention credit and potential IRS audits

• Why it is critical to involve Black Women in the conversation of economics, and finances to bridge disparity gaps

• The effects of artificial intelligence on diverse communities

• The impact nonprofits have on the future of economic trends

• Entrepreneurs’ and business owners’ out-look on the economy

• The biggest challenges facing LA businesses

• The impact of the State’s deficit to the local region

• The sectors/industries that are trending to do well in 2024

• Global trends/situations to keep an eye on locally

•…and much more!

Immediately following the eye-opening outlook conversation, the Los Angeles Business Journal audience was treated to an equally in-depth and timely group roundtable on what real estate trends we can expect to see in the coming 12 months.

2024 REAL ESTATE OUTLOOK

The Real Estate Outlook panel featured Sean Fulp, vice chair, West Region Capital Markets for Colliers; Jim Kruse, the president of brokerage, greater LA, for Kidder Matthews (who also served as moderator); Karri Novak, vice president, project development for Suffolk; Kevin Sher, partner, real estate for Greenberg Glusker; and Roger Yang, partner and building, construction & real estate industry leader for KPMG.

Each of these professionals weighed in on a number of discussion topics, including:

• Where the vacancies are in the LA market
• The depth of the sublease market in LA
• How WeWork’s bankruptcy is impacting Los Angeles
• How the government’s space usage affects transaction activity
• Which indicators signal positive change/growth for the future of office in Los Angeles and beyond

• How the ULA in Los Angeles and other so-called “mansion taxes” have affected commercial real estate investment and development

• Whether the slowdown trend in Los Angeles in multifamily investment and development will continue during 2024

• The state of industrial development

• The effect EV mandates might have on commercial real estate

• How business leaders feel about the interest rate environment in 2024

• How businesses are adapting their policies to talent and return to office

• How are sustainability goals are affecting the built environment

Many thanks to our excellent panelists, who took the time to share their insights on the biggest headlines and where the market is going in 2024.

OUTLOOK PANEL

REAL ESTATE PANEL

INSIDE THIS SUPPLEMENT

Maximizing Tax Savings in Advance of TCJA Sunset
The Tax Cuts and Jobs Act (TCJA) of 2017 is currently scheduled to sunset at the end of 2025, meaning significant changes are on the horizon for taxpayers….Read More

Challenges and Opportunities: The Asset Management Sector in 2024
The last several years have brought about change at a scale and pace once seemingly unimaginable across the US economy. For asset managers specifically, 2024 begins at an inflection point…..Read More

Economic Trends Communities of Color are Facing in 2024 and Beyond
If only I had a crystal ball to accurately predict the future. Unfortunately, I do not! However, I can rely on my expertise and instinct, conduct research, and read and speak to people and organizations I believe are credible and knowledgeable (thank you, Cynthia M. Ruiz and Kellie Todd Griffin)…Read More

Navigating the Corporate Transparency Act and its Impact on LA Real Estate Entities
The majority of commercial real estate in the Los Angeles area is acquired, owned, financed, leased and operated through the use of an entity, such as a limited liability company, corporation or limited partnership…. Read More

A Global View: GDP Growth of 2.3 Percent Forecasted for 2024
Weaker annual real GDP growth rates are forecast across the largest regions in 2024 compared to 2023, according to a new S&P Global Market Intelligence report released in January…. Read More

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