The City of El Segundo has long been looked at as a burgeoning office market, but now commands one of the lowest office vacancy rates in the greater L.A. area at 9.9%. The Los Angeles Economic Development Corp. has been named El Segundo as the most business-friendly city in the Los Angeles area twice in the last decade, and that business-friendly environment, more companies are moving in and fueling even more growth in the office sector. We sat down with Barbara Voss, El Segundo Economic Development Manager, to talk about the title and why the office market is quickly becoming a Westside star.
GlobeSt.com: What does it mean to be named the most business-friendly city in L.A. County two years in a row?
Barbara Voss: The City of El Segundo was honored to receive this award twice. The LAEDC honors cities that make economic development a priority, show efforts to facilitate business attraction, retention and expansion, maintain competitive tax rates and provide excellent services.
GlobeSt.com: How has being a business-friendly city contributed to the growth of the office market?
Voss: The El Segundo city team keeps everything moving efficiently to support our new and existing businesses. We have a goal for quick turn-around on business licenses, expedite permits, and offer after-hour approvals. City staff works closely with businesses on projects, from initial inquiry through certificate of occupancy.
GlobeSt.com: What other factors are driving the growth of office in El Segundo?
Voss: The City of El Segundo offers modern creative office developments, low tax rates, a highly skilled workforce, and range of corporate office and manufacturing space in a well-planned business community. El Segundo's Economic Development Advisory Council, comprised of respected industry leaders, is a model of effective public and private collaboration that develops and implements innovative economic development strategies in the city.
The city offers a lower cost alternative to the west side of Los Angeles, including Santa Monica, Venice and Playa Vista, with a variety of different types of office available from unique one-of-a-kind buildings in Smoky Hollow to high rise towers along Sepulveda (soon to be renamed Pacific Coast Highway). We also offer unparalleled proximity to transportation (105 and 405 freeways, three metro stations and Los Angeles International Airport)
GlobeSt.com: Has the growth in office spilled over into other asset classes? Give me a snapshot of how the market is evolving as a whole.
Voss: Our industrial vacancy is close to zero and we continue to attract companies that are interested in R&D, manufacturing and office combined—and our zoning allows for that in some areas. We are attracting a variety of types of companies like Beyond Meat's R&D facility to satellite prototyping and manufacturing. We are seeing growth in retail, for example, The Point opened in August 2015 and has been popular with South Bay residents and we have seen exciting new restaurants coming into our downtown and throughout El Segundo. We also welcomed four new hotels in 2017. We continue to focus on supporting a diverse and vibrant economy, and set the standard as the most business-friendly city in Los Angeles.
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Kelsi Maree Borland
