Los Angeles, Ucla, Cortec Industries discussed on KNX Programming
Estate multifamily even though class rents have stabilized still incredibly strong and be multifamily and in suburban. Markets retail, and this I say for, the record and I'll see it on. The Ear the, single most overblown story in real estate is. The death of retail retail is doing much, better than people are giving it credit, for as the single biggest disruptor of retail isn't ecommerce is demographics it's people getting into more dense urban locations. So we may not need as much of it. And even if in those locations you lose. A retailer because it's commodity like you could replace. It with a restaurant or an experienced type retailers so the market is. Very good particularly for late cycle and we think this cycle could. Last longer than people expect and of course a tech a big part of this even in your business tech. Impacting of a full range of business almost, every company is a tech company these days which goes back to to. The man for for people here without a doubt in fact when you take a look. At the percentage of quote unquote tech workers that work in Cortec industries it's about. A third it's about thirty seven percent the other two-thirds of these workers work in other, industries. And what are the beauty of Los Angeles it is the creative industry A home of the world. And they use a tremendous amount of tech workers but these tech workers aren't just they're they're in healthcare they're in government they're. Real estate companies like mine but the other, point I would make is this and one of. The beauties of LA is large, and diversified and UCLA medical center example I give it has a strong healthcare element and healthcare is expected to. Be the number one growth industry in the United States, over the next ten years in LA's got UCLA and other. Terrific medical institutions, like it, it's got the creative industries, and because it was a bit of a laggard behind San Francisco. And Seattle in the office business and the business is now poised for tremendous growth tonight read about it tomorrow but here at. Now Spencer, ladies CBRE's economists research chief thank you very much for.