A primary driver of this trend is the surge of millennials that are seeking dense areas that provide them with easy access to housing, retail, and dining, combined with a short distance to work. According to the Pew Research Center, Millennials are on track to soon surpass Baby Boomers as the largest generation alive in the US, and are projected to reach 75.3 million in 2015.

With these statistics in mind, the growing need to revive urban areas to fit the millennial lifestyle is fueling ongoing opportunities for investors and developers in urban markets.

For example, Downtown Los Angeles continues to evolve to fit the need of today's workforce, with new, millennial-focused projects emerging such as The BLOC, a mixed-use urban development combining, office, retail and a hotel with a metro stop in the heart of downtown LA.

In San Diego, renovation of older properties and developers pursuing second generation space was a strong trend in 2014, and 2015 is likely to bring increased ground-up development in this market as these properties are completed and leased.

As downtown markets evolve, competition continues to increase. Scarcity of resources, a growing mass transit infrastructure, and continued shrinking of the once-dominant suburban sprawl is fueling this competition, and will soon foster increased development in ethnically diverse neighborhoods surrounding downtown areas in both Los Angeles and San Diego.

As this trend emerges, commercial real estate firms will need to adapt in order to meet the needs of both tenants and landlords in these areas.

GlobeSt.com: Based on those above trends, what's on Rosano Partners' radar this year? How are you approaching 2015?

Rosano: From its inception, Rosano Partners has focused on working with owners/landlords and tenants in urban markets in Los Angeles and San Diego across all product types. As experts in these markets, we have built a team of diverse professionals who can meet the needs of our clients on all levels.

With this strong foundation in place, we are approaching 2015 with three important goals.

First, we plan to expand our team. Recruitment is a major focus for Rosano Partners in 2015, and we plan to attract talent in Los Angeles and San Diego, as well as Orange County, where we may expand our presence this year.

Our second 2015 goal is to continue providing innovative solutions to our existing client base. With the increase in urban development and the public's draw to live/work/play environments, we will continue to assist our clients, which consist of a variety of mid-size and family-owned companies of owners/landlords and tenants, to help them find the solutions to fit their commercial needs.

In addition, 2015 will bring us an opportunity to increase our reach to institutional clients. As large institutions take note of new growth and opportunities in ethnically diverse submarkets, they will increasingly need firms who specialize in these niche markets. Our firm is already working in a variety of ethnic submarkets, making us well-positioned to provide institutions with specialized knowledge in these areas.

Check back later this week for part two of this exclusive Q&A, where we talk more with Rosano and the firm's chief strategy and operations officer, Ian Whitman on why diversity is a foundational part of the firm's business.