Demographics in some of Los Angeles key neighborhoods are beginning to shuffle. A new report from JLL shows that millennials are taking over in neighborhoods like Santa Monica and Culver City, which had been primarily dominated by baby boomers. As millennials move into these market, baby boomers are exiting to lower cost areas, sometimes even out of the state.

"In general, a lot of these changing demographics are the result of two phenomenon- millennials fully entering the workforce and baby boomers retiring," Matt Kaufman, research analyst at JLL, tells GlobeSt.com. "Yes, millennials are moving to these areas for their local amenities like food and shopping, but many see proximity to work as a key step in maintaining work-life balance. Most of the region's office jobs are located within the urban areas of Los Angeles, and living within driving range of those opportunities has shown to be a major selling point for these neighborhoods."

Baby boomers have a different set of lifestyle needs than millennials. "Baby boomers on the other hand are either approaching or enjoying retirement, so the allure of an easy commute to work does not really apply here, "says Kaufman. "If anything, living in a dense urban area might be a deterrent for many boomers if the goal of retirement is to have a quitter life."