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Jones Lang LaSalle’s 2013 Los Angeles Forecast reveals that hotels and multifamily will lead investment recovery
LOS ANGELES, Jan. 16, 2013 – Growth in the Los Angeles commercial real estate market in 2013 will be characterized by a variable recovery with hotels and multi-family leading the way, according to Jones Lang LaSalle who recently hosted its annual 2013 Los Angeles Forecast.
The office sector is likely to continue its recovery facilitated by growth in the entertainment/media and technology sectors. The industrial market will continue to flourish with e-commerce making a significant impact on the market in 2013.
“With the presidential election and fiscal cliff issues behind us, the Los Angeles commercial real estate market will see some continued improvement in 2013 with tenants and investors having a more focused business plan,” said Peter Belisle, Jones Lang LaSalle’s Southwest Region Market Director. “With increased economic stability, we expect that Los Angeles will add approximately 80,000 jobs in 2013, with the unemployment rate declining from 11.2 percent to 9.7 percent.”
Attended by approximately 600 executives, the event featured insight on the current commercial real estate landscape and trends, as well as perspectives on the outlook for what lays ahead in 2013. Speakers included Stan Kasten, President of the Los Angeles Dodgers; Tony Nastis, Chairman of Allen Matkins; Roger Staubach, Executive Chairman, Americas of Jones Lang LaSalle; and Lauralee Martin, CEO, Americas of Jones Lang LaSalle. The event also featured a landlord and tenant point/counterpoint panel discussion with Jones Lang LaSalle's Mike McCrary, Peter McWilliams, Tony Morales and Carl Muhlstein.
"Assuming the remaining fiscal cliff issues are addressed in a manner that will not derail continued expansion in the economy, 2013 should bring continued growth across most sectors of the economy, driving job and income creation and leading to modest but continued improvements in the rates of unemployment locally, across California, and nationally," said Los Angeles Economic Development Corporation Chief Economist Robert Kleinhenz.
Property type forecast summary
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About Jones Lang LaSalleJones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management. For further information, please visit www.joneslanglasalle.com.
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