TECH COMPANIES MOVE TO "CREATIVE OFFICE SPACE"
The Los Angeles tech scene has roared to life in an area dubbed “Silicon Beach,” an area that is home to over 500 tech startup companies. While these techies were once historically located in Santa Monica and Venice, they are now also rapidly expanding into other areas such as Playa Vista, Marina Del Rey, and even West Los Angeles. Other geographic areas in Los Angeles that are experiencing a tech insurgence include Hollywood, Culver City, West Hollywood, and Downtown Los Angeles. The expansion of tech giants, such as Google, Snapchat, and Apple, into these areas has created a path for hundreds of new startup ventures to follow suit. The growth is so large, there is a company simply dedicated to following the Silicon Beach tech startups – Silicon Beach LA.
With the emergence of these startup ventures and the prospects they bring to investors, vast amounts of venture capitalists are flocking to this area for the chance of investing in the next “BIG” tech company. The demand for commercial space has been astronomically increasing as a result. In addition to traditional office space being in high demand, the majority of young startups look for live/work space in these beautiful ocean-side cities. The most popular choice for many tech companies is what is called in the commercial industry, “creative office space.” These spaces are designed with a loft type feel, with open areas that promote creative and synergistic idea flow. This also fits into the hip mold of Silicon Beach.
Tech startup companies have the potential to explode from a handful of employees to a 100 employees within a few months, and therefore need the ability to have space available to grow with their company. The increased demand makes it significantly more important to have an agent that has a good understanding and knowledge of properties on and off the market. In some cases it might be better to buy the property you are looking into rather than lease depending on your company’s position and the value of the real estate. Whatever decision is made, the agent will be looking out for your best interest and provide you with confidence you could not otherwise have when filling a commercial space all by yourself.