For decades, an abundance of affordable industrial spaces have drawn developers and artists alike to the city of Inglewood. Less than 10 miles from the Westside and less than 15 from Downtown, it’s undeniably appealing for artists and entrepreneurs. But those closest to the commercial real estate market report—the city’s low-cost rents are growing growing gone.
Inglewood has a rich history and an increasingly spotlit arts scene that lends itself to the blossoming culture of the city. The Los Angeles Business Journal reports that those seeking substantial design room have had no difficulty in finding cheap warehouse space, especially juxtaposed with neighboring art enclaves like Downtown Los Angeles.
But the city’s soil is getting richer by the minute. Three years from now, the NFL’s Los Angeles Rams’ stadium will open its doors. Slated to open the same year, a new Crenshaw/LAX light rail line will stop in Downtown Inglewood, offering a short trip to and from the fifth busiest airport in the world.
Furthermore, where the Hollywood Park Race Track once stood, a new 238-acre development has commenced. With plans to wrap up in 2023 developers Wilson Meany are building a 300-room luxury hotel, 3,000 residential units, 620,000 square feet of retail space, 25,000 square feet of offices, a revamped 120,000-square-foot Hollywood Park Casino, and 10,000 square feet of community space.
While price per square foot is forecasted to increase, Inglewood property is still competitively priced for Los Angeles, pointing to a fruitful investment opportunity for commercial developers.
“Now is the time,” said Dario Svidler, Partners Trust Commercial Real Estate Associate and owner of several commercial properties in Inglewood, “before all the city-owned properties are sold to developers.”
Svidler reports that the increase in costs is already revealing itself. “I sold a building to a client six months ago for $175,000 per door and I could sell it now for $225,000 per door or more,” he said. “Price per door in the area used to be much less but now the norm is $200,000 or higher.”
With climbing property costs and a potential stampede over the organic arts culture of Inglewood, artists will undoubtedly be looking for the next affordable enclave in the city of angels. So, what’s next hot spot?
Boyle Heights, says Svidler. Noting locality, a trendy “grime” factor that tends to charm the arts, architectural history, and low price per square foot, this is the neighborhood to keep an eye on.