Real estate brokers are usually ahead of the curve when it comes to sensing which neighborhoods are trending, and the rising popularity of a neighborhood often happens slowly, which puts savvy agents and their clients in a great position.
Commercial Real Estate in Highland Park
Highland Park, like so much of the eastside of Los Angeles, is experiencing a major rebrand. It’s becoming a burgeoning neighborhood thanks to its successful art scene, an influx of young professionals and increasing interest in commercial development. To discover why it’s a great time to invest in the area we got an inside look from Tim Byrne of the Elevated LA Commercial Partners Trust team.
What is the neighborhood like?
Highland Park is a true neighborhood, located between Downtown and Pasadena, with easy access to freeways and therefore, much of L.A.’s most favored cities. This once predominately working class community has a rich architectural history and is full of classic craftsman-style homes and cottages on tree-lined, secluded streets.
Why are people moving to Highland Park?
As artists and young professionals seek refuge from the soaring rents of neighboring communities like Silver Lake, Echo Park and Hollywood, they have been pushed into bordering cities, including Highland Park, and have brought with them a rapid cultural maturation as they seek out local arts and entertainment.
What does this mean for commercial real estate prices?
Similar to Boyle Heights, the commercial associates have seen increased interest in this once predominantly working class community. “This area hasn’t been touched for 50 years and now it’s all happening at once,” Byrne notes. “Rents went from nothing to $3 per square foot,” he continued, “and we recently saw the first listed home in the area break $1 million.”
What about the scene?
Many stores that were family owned are closing as rents rise and the hipster culture moves in, bringing with it trendy vintage shops, eateries and attractions geared toward this new demographic. Take, for example, Highland Park Bowl, built in 1927, which had fallen into disrepair and was recently revived with a $2 million renovation by a trendy LA bar-scene-developer.
It’s happening fast. As the scene shifts and the definition of reasonable rents changes, we believe that now is the time to invest in Highland Park.
Image courtesy of highlandparkbowl.com