Conference Addresses Impact of Changes in Economy, Technology
An estimated 500 people gathered last week in downtown Los Angeles to hear how changes in technology and the economy are shaping Southern California’s real estate market.
Speakers and panelists at the Trends 2000 Conference warned of problems posed by shortages of available land, affordable housing and urban sprawl.
“We can craft a better future but we better move now,” said Jack Kyser, chief economist at the Los Angeles Economic Development Corp., during the conference, which was held June 7 at the Regal Biltmore Hotel.
Many of the participants at the all-day conference, remained bullish on the Southern California real estate market despite signs of slower growth. Veteran developer Gerald L. Katell said he will continue with plans for office and housing projects from downtown Los Angeles to Malibu.
“There is nothing I heard today that would stop us from proceeding with any of our projects,” said Katell, president of Katell Properties.
Panelists focused their attention on many long-term trends, such as the surge of investment in urban cores and the potential impact of e-commerce on real estate. Some questioned the viability of fast-growing Internet start-up companies that have gobbled up acres of space and pushed up rental rates in many areas, notable the Westside of Los Angeles.
“You wonder how durable this spike in rents is,” said Barbara R. Cambon, a principal at Colony Capital Inc., a large real estate investment fund based in Los Angeles.
The topic of “smart” or managed growth also received considerable attention. Many said the concept--which often calls for more dense development and mass transit to preserve open space and limit suburban sprawl--needs to address many issues before it can be accepted widely.
“The only way we can have smart growth is for it to pay for everybody,” said Jane Pisano, senior vice president of external relations at USC.
The program was presented by the Urban Land Institute Los Angeles District Council and the USC Lusk Center for Real Estate. The Times sponsored the event.
