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The Marcus & Millichap/
IPA Multifamily Forum:
Southern California
Sean BurtonPresident of CityView
June 4, 2015
It’s the jobs, stupid.
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-7.0%
-6.0%
-5.0%
-4.0%
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Jan-0
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Jan-0
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Jan-0
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Jan-1
0
Jan
-11
Jan-1
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Jan-1
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US CA
California Adding Jobs Faster than U.S.
Source: US BLS, CA EDD, LAEDC
It’s the jobs, stupid.
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Source: CA EDD, Labor Market Information Division, LAEDC
Local Unemployment Rates
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
Jan-0
7
May-0
7
Sep-0
7
Jan-0
8
May-0
8
Sep-0
8
Jan-0
9
May-0
9
Sep-0
9
Jan-1
0
May-1
0
Sep-1
0
Jan-1
1
May-1
1
Sep-1
1
Jan-1
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May-1
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Sep-1
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May-1
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Sep-1
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May-1
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LA - 7.1% OC - 4.1% IE - 6.2%Apr 2015
It’s the jobs, stupid.
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Major Industries in Southern California
TRADED INDUSTRIES(Generate New Income)
LOCAL INDUSTRIES(Circulate Income)
• International Trade
• Entertainment
• Business Services
• Aerospace
• Fashion & Apparel
• Tourism
• Knowledge Creation
• Retail Sales
• Leisure & Hospitality
• HealthCare /
Social Assistance
It’s the jobs, stupid.
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The Tech Industry in Los Angeles County
• Technology is the single most important ingredientfor building and nurturing a thriving, prosperous andgrowing economy
• LA County has almost 370,000 direct jobs in the hightech industry
• High tech jobs paid wages that were on averagealmost 70 percent higher than wages in otherindustries
Metro Map
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LAX Future
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3-Station Spine Concept
LAX Future
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West Complex Shuttle Transfer Facility Concept
LAX Future
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Metro Transit Station
APM StationCommercial Transit
East Complex Transit Station Concept
LAX Future
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Meet and Greet Area Concept
Millennials
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Who are the Millennials?
• One of the largest generations in history
92 million Millennials
61 million Gen-Xers
77 million Baby Boomers
• Self-centered, lazy and entitled…Or are they?
• Delaying major life events
Still want houses, cars, marriage and children
Millennials
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Myths vs. Reality
• Myth No. 1: Millennials are all living in their parents’ basements
• Myth No. 2: Millennials are not interested in marriage or “settling down”
• Myth No. 3: Millennials aren’t interested in owning cars – they just want to take Uber everywhere and “share” cars through services like Zipcar
Millennials
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Impact on Multifamily
• City living and a “village square” environment
Close to jobs, transit, shopping, dining, entertainment,culture
• The right amenities are critical – many millennialscannot find what they want
Cool common areas, Pet friendly, car-charging stations,etc.
• Opportunity for developers and to differentiate
Millennials
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Water Conservation
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