"Downtown LA is a pretty hip place," said Cushman. He credited the $330-million Staples Center as a major catalyst to fostering a recent $1.43-billion in commercial and cultural development in the Downtown area. "It's a well-kept secret--the investment and development opportunities, offices, hospitality and residential opportunities in Downtown LA."

Cushman told attendees that strong residential demand exists in the area, citing the Downtown Flower Street Lofts: a 91-unit multifamily development that already has a waiting list of 1,400 people. There are currently 1,400 units under construction Downtown, with 2,000 units in the pipeline between 2003 and 2004, and an additional 3,500 units either planned or proposed for 2005 and beyond, said Cushman. He placed average monthly rental rates in the area at $1,000 to $8,500, and new condo prices between $300,000 and $500,000.

Strong pipeline projects across all sectors will provide a strong market in the future, Cushman said. The major development to come online will be Anschutz Entertainment Group's LA Live, a sports and entertainment district adjacent to the Staples Center and offering an art theater, a 1,200-room convention hotel, residential housing, parking, retail and office space. New cultural venues online or set to open soon include the Cathedral of our Lady of the Angels, the new home of the largest archdiocese in the nation, and the Walt Disney Concert Hall, the new home of the LA Philharmonic when it opens next year.