UCLA Real Estate Wire

GlobeSt.com: "Austin is Booming with Work-from-Home and Out-of-State Buyers"

“'Instead of living in San Francisco, New York or Los Angeles, workers can now choose to live in the relatively less expensive suburbs of Austin, Raleigh, Nashville and Denver,' said David Shulman, senior economist for the UCLA Anderson Forecast. 'All that is needed are fast Internet connections and a decent airport.'”

[GS: 9/22/2020]

Los Angeles Magazine: "Rent Prices Are Falling in Some of the City’s Swankiest Buildings"

“'This doesn’t mean DTLA is going to die as a viable economic unit,' says Stuart Gabriel, professor of finance at UCLA’s Anderson School of Management and director of the Ziman Center for Real Estate. 'Ultimately, this was happening anyway because it has simply become too expensive.'

Experts say the pandemic is less the cause of the decline in luxury rents and more an accelerant of forces in motion in L.A.’s economy.

'Pre-COVID, we were already starting to see the exit of both jobs and employees with those jobs, often in tech, from the most expensive markets to secondary tech hubs,' says Gabriel. 'People from Los Angeles were already moving to high-amenity, high-millennial-friendly cities like Portland, Austin, and Boulder. The difference is that now that no one is asking you to come into the office, destinations are much more dispersed. Pick your place.'”

[LAMag: 9/21/2020]

GlobeSt.com: "Work From Home Spurs Residential Buying in Outer Suburbs"

"In its recent 2020 Economic Outlook, UCLA Ziman Center for Real Estate forecasts that work from home trends resulting from COVID-19 will reshape the US housing market. These changes will likely be the norm well after shelter orders are lifted. 'Suburban housing will once again become a choice solution for both Millennials and empty nesters who very recently returned to an urban
environment,' says David Shulman, Ziman Center senior economist. 'It also means that many workers won’t have to live close to their workplace.'”

[GS: 9/1/2020]