The Los Angeles office market has been on the upswing since 2013 and showed no sign of stalling in the second quarter as tech and entertainment firms continue to expand into new space.
Developers are responding to the demand by building new offices that are often rented long before they are completed, which was unusual during previous real estate cycles when tenants typically waited to see finished buildings before making commitments.
— The Los Angeles Times
The tech industry's expansion into the Los Angeles office market continues unabated, The Los Angeles Times reports.
In recent months, Los Angeles has grown to become home to the third-largest tech workforce on the west coast, with San Francisco and Seattle still far in the lead. The expansion, according to The Los Angeles Times, is putting pressure on the city's office market, even as a collection of new office developments and expansions come online.
In 2011, for example, Google moved into the Frank Gehry-designed Binoculars Building in L.A.'s Venice neighborhood.
5 Comments
"Tech" is taking over every major city because it's becoming a dominant sector of the overall economy.
I'm really looking forward to a time when media will drop the silly impression that "tech" is some niche interloper infringing on the "real economy" and just admit that tech is big business.
"have taken"
Tech has become a vulture economy, a Wall St. West. Theres no reason why Google shouldn't be a company of about 15 people.
But then how would they "innovate"?
Tech is an euphenism for the ad industry for many. While Microsoft and Apple actually sell products, FB sells data and ads. Google could indeed have a smaller company focusing entirely on search but their investors wanted a better return - thus the turn to ads.
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