Spotlight on Business in Los Angeles
Overview of Business in Los Angeles
A variety of industries help to make Los Angeles the successful economic center that it is. The city attracts businesses in the tourism, TV/film, hospitality and technology industries. These are not the only industries that thrive in the city, however. Traditional industries like law, finance and medicine also create jobs for residents in the city. Young professionals are attracted to the opportunities presented by the technology, medical and information industries.
International trade is also a major driver of the economy of Los Angeles, with its twin ports handling more than forty percent of both inbound and outbound containers for the whole country. More than one hundred and sixty thousand workers support the international trade sector in L.A. county.
Major Industries & Key Economic Drivers in Los Angeles
Technology continues to be a driving force behind the economy in L.A. and a number of major tech companies have their corporate offices in city and its surrounding areas. The information industry continues to provide numerous job opportunities for young graduates, in particular, the film and video gaming industries. The biotech industry is also combining with the information industry to create new applications that are beneficial for the health of society.
Real estate and construction are also driving forces of L.A.’s economy and home sales continue to rise in the area. The real estate industry has also become a major provider of jobs to California residents.
Education also provides many job opportunities to young grads and workers of all ages in the city. There are several major universities located throughout southern California, such as USC, California Institute of Technology and Pepperdine University. The research industry also remains a steady provider of jobs in California. Major universities and tech firms are firm supporters of research studies, which in turn provide employment to residents.
Office Rental Statistics in Los Angeles
L.A. is unique in that many different kinds of offices are available for corporations or individuals to lease. Whether you are interested in leasing space in a high-rise building or a modernistic cube, you can find an office that suits your needs. Hollywood is one of the more expensive areas of L.A. to lease office space, where you can expect to pay an average rate of $60 per square foot. As one enters exclusive areas like Beverly Hills, the rental rates tend to increase even more. Throughout greater L.A., the rental rates tend to drop and companies may be able to find affordable office space in between the range of $20 to $30 per square foot. In some business areas, the vacancy rate is as high as 20 percent, meaning it may be possible to negotiate a favorable rental rate for office space within these areas.
Further information on office space availability in Los Angeles.
Sources:
http://www.labusinessjournal.com/news/2014/sep/15/real-estate-major-driver-californias-recovery-repo/
http://www.laedc.org/reports/LA%20County%20Profile.pdf
