City Guide of Los Angeles

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Population & Landmark…

Founded in 1781 by Mexican settlers, Los Angeles is actually just the largest of 88 different incorporated cities that make up the greater metropolitan area that we think of as Los Angeles.

Over the decades, the city grew from a cowtown to a Gold Rush boomtown to an Oil town. Today, the city records 3,694,820 residents. Los Angeles is home to people from more than 160 countries, speaking 96 different languages.

Los Angeles is one of the world’s centers of culture, technology, media, business, and international trade. It is home to renowned institutions covering a broad range of professional and cultural fields, and is one of the most substantial economic engines within the United States.

Los Angeles leads the world in producing popular entertainment such as motion picture, television and recorded music, which forms the base of its international fame and global status.

Economy…

Los Angeles is the USA’s second largest city after New York. The economy of the city is driven by international trade, entertainment, aerospace, technology, petroleum, fashion, apparel and tourism.

Los Angeles is also the largest manufacturing center in the United States. The contiguous ports of Los Angeles and Long Beach together comprise the most significant port in North America. They are one of the most important ports in the world, and vital to trade within the Pacific Rim.

The city has six major Fortune 500 companies, including Energy Company Occidental Petroleum or CBRE, the real estate group.

California has always been known as an “incubator” of new ideas, new products and entrepreneurial spirit, especially Los Angeles. The city has led the way in celebrating and nurturing that spirit. The people, institutions of knowledge, great climate and infrastructure have enabled the Los Angeles region to emerge as a leading business, trade and cultural center in the West, one of the world’s busiest ports, a major financial and banking center, and the largest retail market in the United States.

Office Rental Levels…

Central Los Angeles is the densest market in the region with only 1% of the space contained within low-rise buildings. The city is a moderately large office market comprised of 42.8 million square feet, representing 17% of the total office space in LA Basin.

The Downtown Submarket includes a large concentration of firms from the legal, utilities, accounting and finance sectors, and is home to many government agencies as well. The Mid-Wilshire Submarket is attractive to small, entrepreneurial, often Pacific Rim-owned businesses, and Hollywood has a mix of firms from the professional services, information technology and entertainment sectors.

The current vacancy rate is 12.6%, and the market is projected to tighten further throughout 2008. The local economy is projected by most economists to continue to slow throughout 2008, and a growing number have concluded there is a recession.

Demand for office space to let in Los Angeles County will generally follow with pattern. The good news is for the tenants who will be able to benefit from special offers on offices to rent as the landlords are getting more and more aggressive to fill up their space.

Transport…

Located on Santa Monica Bay, 15 miles from the city centre, LAX is the world’s fifth-busiest airport, handling almost 58 million passengers in 2007. It is particularly important as the US gateway to the Pacific.

National and Regional rail services are provided by Amtrak. Metrolink is the regional rail system for Southern California and connects with most cities in the region. The Los Angeles terminal for both is Union Station, on the edge of the Downtown business district.

Tourism, attractiveness of the city…

Visitors come to LA to see the huge Hollywood sign in Griffith Park and the mansions of the stars in Beverly Hills, but also to experience the nightlife, the beach life, the car culture and just to people watch. Every year, millions of visitors come to LA. The city is the second most visited city in the US.

The people of Los Angeles are known as Angelenos. Night time hot spots include places such as Downtown Los Angeles, Silver Lake, Hollywood, and West Hollywood, which is the home of the world-famous Sunset Strip.

Some well-known shopping areas are the Hollywood and Highland complex, the Beverly Center, Melrose Avenue, Robertson Boulevard, Rodeo Drive, Third Street Promenade in Santa Monica, The Grove, Westside Pavilion, The Promenade at Howard Hughes Center and Venice Boardwalk.

Useful Links:

Los Angeles Guide: www.cityguide.travel-guides.com

Los Angeles Business Council: www.labusinesscouncil.org

Chamber of Commerce: www.lachamber.com

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