While Playa Vista is known for being a fantastic place to live, it is also an outstanding place to work. Big things are happening in this area when it comes to commercial spaces and business endeavors. Whether it’s a new start-up or an expanding global corporation, Playa Vista is proving to be an attractive arena for a number of industries, namely technology and media.
Silicon Beach is Sizzling
The appeal of Playa Vista and the surrounding areas to both start-ups and well-established companies is huge. This section of Los Angeles has plenty of newly built or renovated commercial space all within a short distance to cafes, shops, parks, and the beach. Employees can surf before work, eat lunch at any one of a number of fantastic restaurants, or easily make it to a happy hour on their way out of the office.
While rent prices here are a bit above average, they’re still lower than in other parts of the LA area. The people who are renting commercial spaces here are willing to pay a premium to be in the area because of the amenities and convenience of access.
Google recently purchased 12 acres in Playa Vista for a whopping $120 million. Some are saying that this move by Google shows that Playa Vista is becoming the tech and innovation capital of Los Angeles. Approximately 6,000 jobs could be brought to the area by this project alone depending on the direction Google takes when developing the land.
With Google moving in, it’s only a matter of time before other well-established technology companies and entrepreneurs follow suit. Start-ups will also find the area to be a desirable location for establishing a base because of the great reputation of Playa Vista. This area is close to a major airport and major freeways, making it as accessible and convenient as it is beautiful and inviting.
New employees and entrepreneurs won’t have any difficulty finding fantastic housing close to their offices. The housing market in Playa Vista is booming, as was demonstrated by the recent acquisiton of The Millennium Del Rey, a recently-built luxury apartment community, by American Realty Advisors. In just a few months after acquisition, the entire complex was just under 90 percent leased. This $100 million investment by American Realty Advisors and the quick success of finding lessors shows that Playa Vista is growing very quickly and very strongly. Phase II is also giving a huge boost to the Playa Vista housing community.
To the Future
Playa Vista will continue to make headlines as more companies move here or decide to start up here. Check back often for more news and updates on the inevitable continued success of the area that is known for being a stellar place to live, work, and play.