August 16, 2019 Comments Off on CBRE’s Gerlach: What’s Behind West Adams ‘Radical’ Revitalization? Views: 1195 California News, Los Angeles

CBRE’s Gerlach: What’s Behind West Adams ‘Radical’ Revitalization?

By Dennis Kaiser

Los Angeles’ West Adams neighborhood is undergoing a revitalization that encompasses new development, along with the introduction of a host of breweries, restaurants and coffee shops. Connect Media asked CBRE’s Jeff Gerlach, a senior associate at the brokerage who’s active in the submarket, to share a few insights into what’s driving all the renewed interest in the district.

Q: What are the main catalysts of West Adams’ revitalization? What is driving demand there today and going forward?
The West Adams’ neighborhood, which is east of Culver City and south of downtown L.A., is experiencing radical growth fueled by significant development activity and a number of market factors. West Adams sits in an opportunity zone, making it highly attractive to investors. Developers like CIM Group, 4D Developments and Redcar Properties all have projects under way in this neighborhood. Other factors driving demand in the area are the all-time low vacancies and record-high rental rates in Culver City. Because of this, many companies can no longer find space or are being priced out—making West Adams the next best option. Moving forward, demand will be driven by a limited supply of office product in a robust retail corridor. The future of West Adams is drawing comparisons to Abbot Kinney and Highland Park.

Q: What kind of developments are coming online and why?
A: There are a number of active developers in the area, with CIM being the largest. CIM is developing over 100,000 square feet of retail along the street, hundreds of apartment units and a 30,000-square foot office building. 4D Developments has a full city block under construction, which will consist of more than 100 apartment units and 30,000 square feet of retail. Redcar is developing a 30,000-square foot office building and Carmel Partners recently acquired a development site at the corner of West Adams and Fairfax. CIM is doing a very good job curating retailers who will help transform the street into a retail destination. The Daniel Patterson, San Francisco-based restaurant, Alta, has landed in a CIM project and officially opened its doors for business. Additional restaurants include Mizlala, which opened a few weeks ago, and popular noodle restaurant Mian.

Q: What tenants/industries are moving into this neighborhood? What is the big draw for the future?
We have seen a large number of tech and media prospects touring 5242 West Adams, a 16,500-square foot office building, available for lease. Many tenants are those considering a relocation out of Culver City. In addition to the rise of development activity and the continued gentrification of the area, tenants are drawn to the easy access to the 10 Freeway, plentiful parking, and a more central location to Hollywood, downtown L.A. and the Westside.

Connect With CBRE’s Gerlach

Subscribe to Connect Daily California

For comments, questions or concerns, please contact Dennis Kaiser

Tags: , , , ,

Comments are closed.

Send this to a friend