Jan 26, 2024

Navigating the Dynamic Landscape of Downtown LA Real Estate: A Conversation with Industry Experts Chris Rising, Laura Strumm, Rob Cord, and Spike Whitney

A panel of esteemed industry experts, featuring Christopher Rising, Co-founder and CEO of Rising, convened at the BOMA Real Estate Economic Forecast Breakfast to dissect the ever-changing landscape of downtown Los Angeles real estate. They delved into topics ranging from the intricacies of the sales process to the dynamic buyer pool, shedding light on strategies to enhance asset value in the current market. Chris Rising emphasized the significance of reinvestment and the transformative role of new tenants in revitalizing the downtown area amid evolving work patterns and hybrid models.

Navigating the Dynamic Landscape of Downtown LA Real Estate: A Conversation with Industry Experts Chris Rising, Laura Strumm, Rob Cord, and Spike Whitney

In a dynamic real estate market, downtown Los Angeles has experienced unique challenges and transformations. Industry experts, including Rising’s Co-founder and CEO, Christopher Rising, recently gathered at the BOMA Real Estate Economic Forecast Breakfast to discuss the sales process, lender environment, buyer pool, and strategies for adding value to assets in the current landscape. The conversation provided insights into the diverse factors shaping the downtown LA real estate scene.

Adding Value in Downtown LA

Chris Rising, our Founder and CEO, shared insights into value addition strategies amid market fluctuations. Reflecting on historical cycles, he emphasized the importance of reinvestment and the role of new tenants in revitalizing the area. The evolving nature of work, with hybrid models and a reduced emphasis on traditional office hours, catalyzes positive change.

Sales Process Insights

Laura Strumm, Vice Chairman at Newmark shared perspectives on recent sales in downtown LA. Highlighting the Union Bank sale, she discussed the challenges of an all-cash deal and the shift in buyer pool dynamics. Family offices have consistently shown interest in seller financing and unique financing structures, which have become essential to navigating the market successfully.

Lender Environment

The discussion ventured into the role of lenders, distinguishing between large money-center banks and more nimble entities. The impact of interest rate fluctuations and the identification of troubled assets played a crucial role in the lender environment. Seller financing became a key motivator for certain lenders.

Innovative Approaches for Fun

Rob Cord, Partner of Advisors Real Estate Asset Service, shared innovative approaches to enhance the downtown experience. Focusing on a large building with anchor tenants, he discussed reimagining spaces and creating a vibrant atmosphere for occupiers. Strategies included revisiting the use of a neglected plaza, showcasing local talent, and transforming amenities to serve the community better.

Optimism for the Future

Despite challenges, Chris expressed his optimism for downtown LA’s resurgence. Anticipating a shift towards a more enjoyable work culture and increased transit usage, he highlighted the potential impact of major events coming to Los Angeles like the World Cup in 2026 and the Summer Olympics in 2028. Chris emphasized that the worst may be behind us, with a positive outlook for the coming years. The conversation with industry experts unveiled the complexities and opportunities within downtown LA’s real estate market. From navigating sales processes to adapting to evolving work trends, stakeholders in the area remain resilient and forward-thinking. As downtown LA transforms, the collaborative efforts of professionals and innovative strategies contribute to a promising future for the city’s real estate landscape.

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