HOW PROPOSED LA RAMS STADIUM IS CHANGING THE FACE OF REAL ESTATE BUSINESS IN INGLEWOOD
The announcement last week to bring back Los Angeles (LA) Rams football team from St. Louis to Inglewood came with yet another bang, the construction of National Football League’s (NFLs) state of the art stadium set to open in 2019. Since the announcement, there has been an emotional whirlwind among fans.
The owner Stan Kroenke reportedly choked back tears while the fans roared in approval of the decision to return the team back to Inglewood. The fans actually chanted Kroenke’s name in the stands in praise as he walked with a broad smile across his face albeit in pride. The stadium is set to create an estimated 23,000 new employment opportunities and some $100 economic impact in Inglewood alone.
The real estate industry is certainly not left behind in the face of the new development. Investor interests in commercial real estate surrounding the team’s future palace have recorded significant increase. The immediate area surrounding the stadium has actually found a new name; “The strip malls and gritty auto body shops,” in reference to the plenty viable space in the blocks around it.
Real estate developers have been sniffing around the area and that means one thing for sure, that the value of properties around the stadium will definitely hit a record high. Right now, the city’s average lease per month is $1.43 per square foot with a vacancy rate standing at 5.9 per cent. On the other hand the average lease rate per month in LA metro area is $2.31 with a vacancy of 4.7.
Office space is currently even more available and certainly cheaper in Inglewood. The city has an average monthly lease rate of $1.61 per square foot with a vacancy that stands at 27.4. LA’s metro area on the other hand has an average monthly lease rate of $2.71 per square foot and 11.2 per cent vacancy. With growing interests around the new LA stadium, the numbers are bound to change.
The arena is a boost at the right moment to the already promising vacation destination and an entertainment city. It has in the past two years experienced big-time entertainment events. The city’s Forum situated north of the stadium was recently given a state of the art facelift.
The Hollywood park property is also set to improve the face of real estate business around the area by an estimated 2,500 residential units, extra office space, hotels, retail shops, and a 6,000 seating capacity. As if that is not enough, San Diego Chargers are also planning a comeback to Inglewood.
With interests in properties around the stadium high, investors trooping in with varied investment plans, and current rates set to rise; you need an ace real estate agent with the right credentials and the right knowledge to handle your property needs around this developing area. Meet Jacob Dadon an expertise in real estate who has keenly been following the recent developments. He understands the real estate market in Los Angeles and very willing to offer investment advice on the looming opportunity in the real estate market. Jacob Dadon has been the face of real estate and hospitality industries in Los Angeles and Beverly Hills. Catch up with him via http://www.jacobdadon.com/ or mobile: 818-264-8780.