Silicon Beach Moves to Downtown L.A.
REAL ESTATE NEWS: While Downtown LA is more than 10 miles inland from the ocean, the neighborhood of Silicon Beach includes all of the tech industry neighborhoods anywhere around the L. A. Basin, according to Wikipedia. Besides some of the world’s best weather, L.A. has other super attributes that keep attracting more and more residents. Diversity of industries and diversity of human resources talent creates unmatched economic strength and fulfilling standard of living. Despite soaring taxes and sprawling homelessness, DTLA continues to attract more and more high technology companies. #dtla #lofts #market
In one of the biggest business relocations in the area this year, real estate engineering firm Arup is moving its regional offices from Playa Vista to Downtown’s newest skyscraper Wilshire Grand Center. Arup agreed to occupy three floors, a total of 66,000 square feet, in a 15-year lease valued at $57 million, reports Colliers International. This monumental rental reflects a recent trend of downtown stealing important companies away from popular areas like Playa Vista, and even trendy neighborhoods on the Westside and in Hollywood. | Los Angeles Times
DOLLAR WISE — Downtown rent prices have been increasing as the modern neighborhood infrastructure and amenities improve, but rents are still significantly less than those on the Westside. Downtown landlords are asking for about $3.55 per square foot per month, compared with $5.78 per sq ft in Santa Monica and $5.53 in Playa Vista. The average residential condominium lease in DTLA last month was $3.14 per square foot.
Arup’s announcement comes just days after tech guru Elan Musk’s initial proposal for a high-speed car-skate tunnel network under Los Angeles that will connect to 700 MPH hyperloop transportation.
Variety reports on why tech companies like Collab are moving to DTLA.
DTLA PEOPLE AND LOFTS: New residents and highly educated human resources have been streaming into downtown at an increasing rate for the past 20 years. Many are particularly fond of the past American business stories and irreplaceable character of historic and industrial lofts, along with comfy traditional condos and new, super luxury high-rise condominiums for sale.
Downtown Los Angeles is today part of Silicon Beach. This once-blighted little urban center is now a skyrocketing start-up pocket that continues to attract billions upon billions in capital. Welcome to the beach where each countless grain of sand is soundly represented by a creative dream come true.
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