Downtown Long Beach is only two percent of the city’s total square footage, but it gets much attention in the news, especially at the Downtown Long Beach Associates (DLBA) meeting.

A study was commissioned by the DLBA to get a better idea on the economic impact and revitalization of downtown. The report found that Downtown provides 43,100 jobs, roughly 21 percent of the city’s jobs with an average annual payroll of $53,000 – 18 percent greater than the citywide average of $45,000.  It makes sense Downtown is a hot priority right now and can shape the way of the future of our city.

The economic impact influence the counties of Los Angeles, Orange, San Bernardino, Riverside and Ventura. Downtown pours goods and services valued at $6.7 billion which generates roughly $1.4 billion into the region.

Tourism still plays a major role.  The Long Beach Business Journal article finds The Pike at Rainbow Harbor and CityPlace, and the Toyota Grand Prix as playing a particular important role in tourism.  As much as I agree with the Grand Prix, I would include the Aquarium.  How many people visit us and go to the Aquarium.  However, I cannot say the same of the Pike.  While the Pike might be a nice place to walk through, little people know of it.  The reason is because it is not particularly unique to Long Beach.  Of course, the Queen Mary is a huge player with 1.5 million, according to the report.

Long Beach started changing in the late 1980s.  Building an extra 1.4 million square feet of Class A office space downtown attracted more businesses.  There is 4.2 million square feet of office space in the area, and a vacancy rate of 11 percent which has gone down the last few years.

Private investment in construction of more than 6,000 residential units is a very important factor in the development of Downtown.  We could have more than 8,000 residents by 2010.

The only thorny issue still is the 710 Freeway.  It needs to either be developed or we need to find another route to relieve the congestion of our highways.

We came to Long Beach not knowing where we would end up.  Virginia could have ended up working in Los Angeles or Newport Beach.  This was the factor that weighed in on our settling in Long Beach.  We have never regretted it since.

Here is the Long Beach Business Journal article.

I heard a great one:

Figures can’t lie but liars can figure!

Not bad…

This article perked my interest.  Here is yet another trickle affect the housing market slowdown has, this time on rental.

When the housing bust started a year and a half ago, rents started to rise soon after.  However, some homeowners are desperately trying to rent the homes they bought at a premium.  This is starting to lower rents.  It makes sense as home sellers grew frustrated in recent months not being able to sell their homes.  Many have put down the for sale sign and put up a rent one.  With a new glut of rental choice cooling rents for tenants, renters are getting a break.

As competition is increasing, rents have stabilized over the last six months. 

Calculated Risk has more information on this.

Have you noticed anything.  I welcome your feedback.