Parry: While the initial construction phase may be bothersome and inconvenient, the link to talent and ease of access to other markets will benefit these office markets. We continue to see a growing trend of young professionals who are actively seeking alternative commuting methods, and rail access has proven to tick the box for millennial. As companies hone in on new ways to recruit and retain this key demographic in the work force, landlords will be able to use their proximity to metro stations as a property highlight.

GlobeSt.com: How do you imagine that this will impact investment activity in these areas?

Parry: If we use the recent extension of the expo line from Downtown through Culver City to Santa Monica as a guide, investment and development have both been on the rise. Landlords have clued in to the attractiveness of a property with transit access, and both office and mixed-use development along the metro have increased.

GlobeSt.com: What about tenant activity?

Parry: Again, as companies continue to look for ways to attract and retain talent, the idea of offering various forms of commuting hold a strong appeal. Creative companies, including technology and new media firms are especially interested in the ability to offer a public transportation option for their employees. By providing a direct link to Downtown Los Angeles, which is home to a large millennial population, the metro opens up a whole new talent pool.

Additionally, the purple line will benefit in place tenants, who are already located in these impacted office markets. Miracle Mile, Beverly Hills, Century City and Westwood hold a high concentration of traditional office using tenants in the financial service and legal sectors. These markets boast some of Los Angeles highest parking costs, so the option of an employee leaving their car at home may also be an attractive cost saving option for companies.

The Metro Purple line is expanding from Downtown Los Angeles to Brentwood, connecting Mid Wilshire, Beverly Hills and Century City. While the project is highly anticipated, it has a broader impact than anticipated, according to research from JLL. The new metro line will impact nearly 20 million square feet of office space, giving companies along the line the ability to attract younger talent. Additionally, it will provide rail access to 151,000 residents. Construction began in 2015 and the first stations on the line will open in 2023. We sat down with Devon Perry, a senior research analyst at JLL, to talk about the metro line's impact on the surrounding office market.

GlobeSt.com: How will the Metro Purple line extension affect nearly 20 million square feet of office space?

Devon Parry: Approximately 19.6 million square feet of class A and B office space is located within 0.25 miles of the 7 new purple line metro stations. These new stations, opening between 2023 and 2024, will be located within some of the premiere office micro-markets, including Westwood, Century City, Beverly Hills and Miracle Mile.

GlobeSt.com: How are the landlords of these properties responding to the new rail line?

Parry: While the initial construction phase may be bothersome and inconvenient, the link to talent and ease of access to other markets will benefit these office markets. We continue to see a growing trend of young professionals who are actively seeking alternative commuting methods, and rail access has proven to tick the box for millennial. As companies hone in on new ways to recruit and retain this key demographic in the work force, landlords will be able to use their proximity to metro stations as a property highlight.

GlobeSt.com: How do you imagine that this will impact investment activity in these areas?

Parry: If we use the recent extension of the expo line from Downtown through Culver City to Santa Monica as a guide, investment and development have both been on the rise. Landlords have clued in to the attractiveness of a property with transit access, and both office and mixed-use development along the metro have increased.

GlobeSt.com: What about tenant activity?

Parry: Again, as companies continue to look for ways to attract and retain talent, the idea of offering various forms of commuting hold a strong appeal. Creative companies, including technology and new media firms are especially interested in the ability to offer a public transportation option for their employees. By providing a direct link to Downtown Los Angeles, which is home to a large millennial population, the metro opens up a whole new talent pool.

Additionally, the purple line will benefit in place tenants, who are already located in these impacted office markets. Miracle Mile, Beverly Hills, Century City and Westwood hold a high concentration of traditional office using tenants in the financial service and legal sectors. These markets boast some of Los Angeles highest parking costs, so the option of an employee leaving their car at home may also be an attractive cost saving option for companies.