A possible recession, foreign investment, a new stadium, the importance of public transit near developments and the hot industrial market ranked as main topics for both panelists and attendees at the annual Allen Matkins Leck Gamble Mallory & Natsis View from the Top conference.
One of the city’s most highly regarded real estate events, the conference took place Sept. 9 at the Beverly Hilton in Beverly Hills. A crowd of nearly 500 brokers, developers, attorneys and investors attended. CBRE Group Inc., Kilroy Realty Corp. and Boston Properties Inc. were among the companies represented.
Of the many topics covered, these three key takeaways from the event stood out:
Rising anticipation for Inglewood stadium
One of the area’s biggest projects is also one of the most anticipated, judging by the level of interest and discussion at the conference. The Los Angeles Stadium and Entertainment District at Hollywood Park will be the home of the National Football League’s Los Angeles Rams and Los Angeles Chargers, hotels, residential units, retail, offices, and a performance venue.
Marlene Nations, senior vice president and general counsel for LASED, called the project a “once in a lifetime opportunity.”
Nations, who served as outside counsel for LASED when the company acquired the land for the project in 2014, joined the organization less than a year ago.
She said there are 3,000 workers a day at the site. Although there have been some complaints, such as dust in nearby areas, Nations explained that the city and the project’s neighbors have been largely supportive.
Jason Gannon, a managing director at LASED, was also at the conference. He said he hopes to announce partnerships and events for the stadium in the next few weeks.
The stadium is expected to open in the summer of 2020.
Impact of a possible recession
How will L.A.’s real estate market fare if a recession hits? That seemed to be the question on the minds of many conference attendees, but speakers and panelists didn’t always share their concerns.
John Tipton, a partner at Allen Matkins, presented the Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey at the event. The survey looks at real estate expectations for 2022.
“It was generally positive,” Tipton said of the report’s findings. “We stayed strong in the industrial sector; the office sector is showing some rebound; the retail sector, which has been so hard hit, is showing some signs of life.”
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