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What Do L.A.'s Emerging Neighborhoods Have in Common?

LOS ANGELES—Hollywood, Downtown Los Angeles, Culver City—they are all thriving because of the growth and reputation of Los Angeles, Lee Shapiro says in this EXCLUSIVE interview.

By Kelsi Maree Borland | kelsimareeborland | Updated on May 02, 2017

Lee Shapiro Lee Shapiro

LOS ANGELES—Hollywood, Downtown Los Angeles, Culver City, Koreatown—what do all of these neighborhoods have in common? All three are emerging markets in Los Angeles, and most have pushed their developments in the last few years. These markets have each found their own niche, but they are all transit-oriented and they all have created live-work-play environments. While each of these cities have their own culture, the emergence of so many incredible neighborhoods at once really says a lot about real estate and migration trends in Los Angeles.

“I believe that when Los Angeles is compared to other submarkets nationally and internationally, L.A.’s price point for the commercial world and the rental structures are lower than many cities internationally, as compared to the population density and the income levels of the city,” Lee Shapiro, EVP at Kennedy Wilson, tells GlobeSt.com. “A lot of foreign capital has viewed Los Angeles as a real opportunity for investment. In this cycle, we have seen a lot of interest from foreign capital come into the market. That has pushed out markets and created competition for domestic capital that is trying to acquire property.”

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