Tech Firms Heading to the Westside

Posted on April 6, 2012 ยท Posted in Trends

Earlier today I read an article published by the LA Times in October 2011 that talked about the growing “Silicon Beach” community of tech companies and startups in Santa Monica and Venice. I wanted to share some of the major points of the article and provide some additional things to consider when leasing in the Westside.

The Westside is the perfect confluence of recreation, retail and dining that appeals to young entrepreneurs who live the work hard / play hard lifestyle and over the last two decades the area as a whole has improved significantly mainly through the influx of tech companies boosting the local economy. That’s not to say that traditional tenants like law firms weren’t driving growth but tech companies spur growth of complementary retailers and services that cater to their hectic, ever changing needs and priorities.

If your business is looking to lease in the Westside keep in mind that rent and parking will be at a premium and businesses whose employees bike or utilize mass transit will be better suited than companies with a higher level of traditional commuters. Also space in the Westside is some of the most expensive in Los Angeles and this is especially important for venture backed companies that may be facing ideal location vs most economical location debates.

Companies without the financials in place to take on a traditional lease may find that executive suites in the area might be a better choice until they can get funding or improve cash flow.