Q1 2023 Market Trends Newsletter

May 1, 2023

Throughout the first quarter of 2023, the Los Angeles and Inland Empire markets have softened due to impact from losses in inflation-adjusted consumer spending. Although high building costs and lengthy approval processes have drawn out the timeline for some projects, the Inland Empire has maintained one of the largest and fastest-growing logistics presences in the nation. Similarly, Los Angeles maintains its unassailable position as a high-profile hub for entertainment and media.

Recent economic gains in Los Angeles have outpaced nationwide averages, and the unemployment rate has seen significant reduction, nearing a return to pre-pandemic levels. Additionally, increased demand for streaming service and social media content has continued to buoy the L.A. economy. Prohibitive housing costs in L.A. do persist as a major impediment to hiring, and continue to serve as motivation for companies and workers to maintain a hybrid or remote office environment.

In the following pages, we outline the major market trends in the Los Angeles and Inland Empire market sectors, along with key indicators. In today’s quickly changing environment, we remain ready to assist you with your commercial real estate valuation needs at any time.

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