In L.A.’s real estate market, which seems to be perpetually described in degrees of hotness, one sector seems to be packing more sizzle than all the rest of late.
Take a bow, multifamily.
This week’s “Mad About Multifamily” feature on page 5 provides a nice snapshot of just how much heat that sector is generating right now, breaking out year-to-date gains and top multifamily deals through the end of August.
Before you flip over, though, here’s some additional information to amplify that data. According to a new study, the Los Angeles apartment industry and its residents contribute $178.5 billion to the local economy.
The report, conducted by Hoyt Advisory Services and available at WeAreApartments.org, says the apartment industry in the L.A. metro area accounts for 773,000 jobs. New apartment construction contributes $6.4 billion to the economy, and renovation and repair work adds another $3.6 billion.
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L.A.’s burgeoning life sciences industry is getting a boost. Thanks to a federal grant supplemented by matching funds from the school, the UCLA Biodesign Hub for Medical Technology and Digital Health Innovation will launch Oct. 1.
The center’s goal is to create a regional facility that develops medical technology and digital health tools in conjunction with the hundreds of innovative startups that populate Silicon Beach.
The three-year grant comes from the Commerce Department’s Economic Development Administration and was matched by UCLA Health and the David Geffen School of Medicine at UCLA, giving the hub $1.5 million in funding.
Half of California’s 1.3 million life sciences jobs are in Southern California, according to industry association Biocom.
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The Women Lawyers Association of Los Angeles marks a significant milestone Sept. 21. The organization, which counts more than 1,000 members, is celebrating its 100th anniversary with an evening gala at downtown’s InterContinental hotel. Superior Court Judge Holly Fujie will be honored along with Nancy Mintie, founder of the Inner City Law Center and Uncommon Good. Jennifer Leland from Robins Kaplan will be installed as WLALA president for 2019-2020.
