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GlobeSt.com EXCLUSIVE: Population Growth Fuels SoCal Market

LOS ANGELES-At NAI Global's annual convention held this week at the Rio Hotel and Casino in Las Vegas, Mike Zugsmith, chairman of NAI Capital Commercial, details the Southland's strong fundamentals.

By Amanda Paxson | Updated on January 26, 2006

LOS ANGELES-According to Mike Zugsmith chairman of NAI Capital Commercial, 2005 was a record-breaking year for the company. The Encino-based Zugsmith spoke with Globest.com during NAI’s Global 2006 annual convention held this week at the Rio Hotel and Casino in Las Vegas.Zugsmith maintains that despite some of the challenges, such as the high cost of doing business, Southern California will remain a hot market. “We are bullish on Southern California,” says Zugsmith. “We believe that the population growth alone will fuel the demand for commercial real estate.”"All of the prophecies of gloom and doom, I don’t buy into that,” he continues. “We have more business coming into Southern California than we are sending out.”While NAI will continue to focus on the Southland’s traditional markets, Zugsmith adds that outlying areas will soon see a tremendous need for commercial real estate as well. “Marino Valley, Temecula, Valencia, Bakersfield—all of these areas have benefited because Los Angeles is too expensive.”To accommodate the growing markets, the company will be opening a Valencia office within the next two months. Riverside, Ontario and Anaheim are other markets the firm is considering for expansion, Zugsmith says.As for the convention, more than 1,000 industry professionals from around the globe gathered in Las Vegas this week for the event. The weeklong conference featured panel discussions including topics such as Women in Real Estate, The Changing Face of Recruiting, and International Markets.Historically attendance at the convention has averaged approximately 500-600 people. Last year, attendance reached 875, while this year topped 1,000 attendees.

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