barbara voss Barbara Voss

At El Segundo's State of the City conference this week, El Segundo leaders outlined the market's substantial growth this cycle and the local strategies driving activity. The city has prioritized customer service, public safety, being the employer of choice, infrastructure and technology and economic development and fiscal responsibility to fuel growth and attract new innovative industries to the market. Mayor Drew Boyles was among the leaders in attendance.

"In 2019, the city launched enhanced communications efforts with the goal to be consistent, proactive and collaborative and provide a new level of customer services to its residents and businesses," Barbara Voss, deputy city manager of El Segundo, tells GlobeSt.com. "Crime decreased by 10%.  We also hired a new city manager in Scott Mitnick that is bringing his 30 years of expertise and positioning and growing the city for the future."

In terms of infrastructure, the city's taskforce is focused on landscaping, lighting and signage, which is helping to rebrand the city and create value. "El Segundo commercial real estate is valued at $285 million, a 69% increase over the previous five year average of $169 million," says Voss. "Topgolf coming to El Segundo, slated for June 2021. It will creating 500 new jobs. Finally, the city is moving forward with exploring the feasibility of creating a new civic plaza on Main Street."

Just as important to the city's growth are the new diverse industries planting roots in the city.  "The city of El Segundo continues to see a diverse migration of companies coming to the city," says Voss. "The innovative industries include aerospace, creative services, technology and biotech, just to name a few.  They value the city's labor, amenities and business-friendly environment."

The impact of inward migration has been significant. "The growth of businesses continue to have an impact on the El Segundo commercial real estate market with Class A office rents increasing 54% in the past five years according to JLL.  Additionally, with demand comes new development and redevelopment projects from companies like Continental Development Corporation, Hackman Capital, Griffin Capital, Messori Development, Atlas Capital Group and Marshall Property & Development among the most active in the area," says Voss.

The conference was focused on future growth, and the sentiment was resoundingly positive. "The city of El Segundo will continue to be a premier location for growing businesses," says Voss. "Attendees are excited to hear about planned city projects, new developments, Topgolf and other amenities coming soon and the overall growth of the city."

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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