Navigating Long Beach’s Transition to Entertainment
Long Beach Mayor Rex Richardson's recent State of Business address highlighted the city's shift towards becoming an entertainment hub, signaling significant changes for the local economy and real estate landscape.
What You Need to Know
Long Beach is transitioning from an oil-based economy to one focused on entertainment and tourism.
Key Upcoming Events:
- The city is attracting major events like the Vans Warped Tour and expanding its presence in the $20 billion county entertainment market.
- Long Beach Grand Prix, recently purchased by Penske Entertainment, will be televised in over 200 countries.
- A new amphitheater at the Queen Mary is planned, expected to attract 12,000-13,000 people 40-60 nights per year.
- The city is preparing to host at least eight events for the 2028 Olympics.
How It Impacts You
For property managers in Greater Los Angeles, this shift presents both opportunities and challenges.
The focus on entertainment could increase demand for properties in Long Beach, impacting property values.
For example, more entertainment-related businesses might come looking for office or production spaces.
This opens opportunities to repurpose existing properties to cater to the entertainment industry.
As well as starting a shift towards "experience-based" consumption that might affect retail spaces within managed properties and lead to more ground floor foot traffic.
Challenges arising from these increased events may lead to changes in parking regulations and traffic patterns, requiring property managers to be adaptable.
For example, we want to help property managers stay informed about zoning changes or new regulations that may arise.
Stay Connected
BOMA/GLA advocacy staff attended Mayor Rex Richardson's State of Business address to learn about Long Beach's changing economy and strengthen advocacy for our members in this shift.
Understanding the city's shift towards entertainment and tourism is crucial for property managers as they navigate the implications for the CRE industry.
Engaging with city leaders and industry experts at this event ensures that we are well-informed and prepared to support our members effectively in this dynamic market.
Follow BOMA on the Frontline for more news impacting members.
