March 3, 2024 #1 Local News, Forum, Information and Event Source for Venice Beach, California.

How is the Westside Commercial Real Estate Market Recovering?

By Dolores Quintana

The commercial real estate market in Los Angeles is still trying to recover from over two years of pandemic woes. While some areas have shown promise, other areas can’t seem to break out of the market’s decline, as reported by The Hollywood Reporter

Jodie Poirier, executive managing director at Colliers’ said, as quoted by The Hollywood Reporter, “It’s somewhat of a tale of two cities, depending on which market we’re talking about,” says 

Bill Bloodgood, executive managing director at Newmark, said as quoted by The Hollywood Reporter,  “It is bouncing back much faster in the markets that we consider the primary tech- and entertainment-driven markets.” 

This means that areas like the newly popular entertainment and tech hubs on the Westside are doing very well. Area like Culver City, West Los Angeles, theSouth Bay and the Arts District have an advantage. 

It is thought that Los Angeles’ strict Covid regulations might be affecting the recovery of commercial real estate that has 25 percent of available office spaces still vacant, according to Colliers’ report for the first quarter of 2022. Employees have started coming back into offices, but still aren’t back full time which does mean that less office floor space is needed. 

Bloodgood says, as quoted by The Hollywood Reporter, “We are seeing companies do more with less space.”

One positive effect of the pandemic is that employers have felt it necessary to make offices more comfortable and inviting to employees, which is a trend that had already started before COVID, but the trend of employees preferring to work from home during the pandemic and beyond has forced employers to step up their efforts to entice employees back to the office. 

Employers and companies are now opting for offices that have more natural light, high ceilings, open spaces filled with plants and employee amenities. Another premium has been placed on making it easier for employees to enter and exit buildings rather than prioritizing security measures to get in and out of an office. 

Water’s Edge in Playa Vista is a good example of this trend, Nike took over one of the buildings that has an Olympic-sized pool. 

Jeff Pion, vice chairman at CBRE said, as quoted by The Hollywood Reporter, “I think that more and more companies want to use their office space as a competitive advantage in hiring and creating a culture and an environment where their employees want to come back to the office,” 

Ward acknowledges that employers will need to be more competitive. She said, as quoted by The Hollywood Reporter, “We’ve got the great resignation on our hands. We have a very tight labor market and we’ve got these changing workplace dynamics. Big companies are all fighting for a lot of the same talent.”

Related Posts

Security Officers Being Deployed at Big Blue Bus Stations and Routes

March 1, 2024

March 1, 2024

The Guards will be provided by a firm with other security contracts with the city of Santa Monica  By Zach...

Venice Shorts: Mayor Karen Bass Taps Mike Newhouse for the Los Angeles Planning Commission

February 29, 2024

February 29, 2024

Attorney, husband, father, homeowner, small business advocate and longtime community activist joins LAPC By Nick Antonicello  Mike Newhouse, a resident...

Update: DSW Taking Over 99 Cent Store Space on Lincoln

February 29, 2024

February 29, 2024

Designer Shoe Warehouse retailer will assume some 15,000 square feet of retail space next to Whole Foods By Nick Antonicello  ...

Upcoming Ice Cream Shop on Montana Ave. Will Serve Multitude of Vegan Flavors

February 29, 2024

February 29, 2024

The Company Has Come a Long Way Since Its Humble Beginnings as a New York City Food Truck By Zach...

Venice Shorts: What Will Become of the Old 99 Cents Store Location?

February 28, 2024

February 28, 2024

Closed Since January, It Remains Unclear Who Will Occupy This Space at 201 Lincoln Boulevard By Nick Antonicello The future...

This is Warehouse Restaurant’s Happy Hour Menu

February 28, 2024

February 28, 2024

Its Outdoor Happy Hour Takes Place on the “Pond” By Zach Armstrong Since 1969, the Warehouse Restaurant in Marina del...

(Video) Restaurants Replace Glass Front Doors After Late Night Robbery Spree in Del Ray

February 28, 2024

February 28, 2024

Seven restaurants and small businesses in Del Rey and Venice, including Nick the Greek and Dudley Market, were robbed. Council...

The Yo! Venice Interview: Ericka Wiley Makes Her Case for a Seat on the L.A. Bench

February 27, 2024

February 27, 2024

Public Defender promotes progressive Democratic Party, labor endorsements in this competitive three-way race come March 5 By Nick Antonicello Most...

Venice Shorts: Marina Freeway Cleaned and Cleared

February 27, 2024

February 27, 2024

After reporting on a string of RV’s and campers at this site in Del Rey, LA city officials removed all...

Overnight Burglaries Rattle Del Rey, Venice: LAPD Investigates String of Incidents

February 27, 2024

February 27, 2024

Seven Businesses Targeted, Including Nick the Greek and Dudley Market The Los Angeles Police Department officers are investigating a series...

Downtown Wellness Center Bridges Gap Between Psychedelics and Meditation

February 27, 2024

February 27, 2024

The Center Has Partnered With Local Agencies and Gave Free Sessions to Around 500 Veterans in Two Years By Zach...

Venice Shorts: “Grom” Day Coming This Sunday

February 26, 2024

February 26, 2024

Registration runs through Wednesday, February 28  By Nick Antonicello  The Venice Surfing Association (VSA) will be hosting it’s annual Grom...

Iconic Venice Beach Sculpture and Landmark to be Removed, Returned to Artist’s Property

February 26, 2024

February 26, 2024

Since the Money, Effort or Desire to Purchase the Piece Appears to Not Be There, the Artist Wants It Back...

Ocean Park Triplex Hits Market Again After 36 Years at $1.6M

February 26, 2024

February 26, 2024

The property presents an enticing opportunity for owner-users or developers For the first time in over 36 years, this triplex,...

Cher Drops Price of Her Seven-Bedroom Malibu Mansion by $10M

February 26, 2024

February 26, 2024

The legendary singer bought the parcel for $2.95 million over 30 years ago By Zach Armstrong Music icon Cher has...