Los Angeles is in a sweet spot in its real estate cycle that will make it one of the top choices in the world for buying property this year, a new report says.
The L.A. area ranked No. 1 in North America in a survey of global real estate investors who have a combined total of $1.7 trillion to spend on property in 2017. Top choice cities for investment in other regions were London and Sydney, Australia.
Overall, offices are the preferred category of real estate to buy, with warehouse distribution centers and multifamily residential buildings close behind. Shopping centers, hotels and industrial properties ranked lower in investor interest.
“L.A. has been waiting for this moment for a long time,” said Lew Horne, president of Southern California and Hawaii for CBRE Group Inc., the Los Angeles-based international real estate services company that conducted the survey to be released this week.
It was the second year in a row that Los Angeles was the top choice for investment in the Americas. In the first CBRE Global Investor Intentions Survey, conducted two years ago, San Francisco ranked No. 1 in the region.