While our last article sited some of the small signs of a healing housing market, one California community has extra reason to be hopeful of a stronger local real estate market. As of November of 2011, Google has firmed its roots in Venice Beach with the leasing of more than 100,000 square feet in three buildings on Main Street. Part of the new Google office is also being housed in world-renowned architect Frank Gehry’s iconic Binoculars Building.
According to an article from The Hollywood Reporter, “While Google’s relocation is expected to lead at least some employees to purchase property in Venice, perhaps more importantly, brokers and others say that the company’s choice of location there is spurring others to consider the beachside community.” It is clear that the effects go beyond the fact that Google chooses locations for its offices in areas that have room to grow.
As associate economist for the Los Angeles County Economic Development Corp Kimberly Ritter-Martinez told The Hollywood Reporter, it’s the clustering effect. The area is consequently more appealing to like-minded companies and individuals. Big names that have hence purchased buildings in the same area include ad agency Zambezi Ink, actor-director Jon Favreau, Robert Downey Jr., and co-founder of Luma Pictures Payam Shohadai.
Photo by Majunznk