There has been some great news for LA residents recently, vis-à-vis the bolstering of the economy in particular vis-à-vis employment. LA-based companies are continuing to hire, most notably in the second quarter.
In the first quarter there was little hiring as businesses were taking the “wait and see” approach following the election. Business owners were concerned about the possibility of recession at the time. Now they have seen this is not the case, business is booming.
This is evidenced by real estate executives noting the increase in lease agreements. There was also one of the biggest deals – an 80,000 square foot expansion – signed by Riot Games Inc., in West LA.
A couple of the popular places are Hollywood and Burbank. There have also been a slew of top-end eateries and apartment buildings opening up with new and renovated office space which has earned the area a reputation for being up-and-coming and thusly more attractive to business owners. As Steve Algermissen of Cushman & Wakefield pointed out: “knowledge and value-creating businesses need to be in interesting places. There is a desire to be novel and edgy, and Hollywood has become much cooler.”
Meanwhile there have been some significant minimum wage increases in LA, with the most recent one (July 1st), according to Natalie Kitroeff of the LA Times “mark[ing] the fourth such increase in three years, and the single largest year-over-year jump in the city’s scheduled climb to $15 for all employees by 2021.”