Los Angeles will be the home to the Olympics in 2028. They will be one of only three cities, including Paris and London, who have hosted the Olympics three times. While 2028 is still a long time from now, the city has already begun preparing. As homeowners, or as potential homeowners, you will be affected, and mostly in good ways.
Not surprisingly, the Olympics will be great for the commercial real estate market and for jobs:
Los Angeles’s thriving commercial real estate market is leading to robust growth in infrastructure and office space, boosted by an infusion of tech, entertainment and other growing businesses. A decade of preparation for the 2028 Olympics, and the economic influx and added post-event revenue that this will likely bring, should catapult Los Angeles into a higher ranking of dominant world cities.
Source: National Real Estate Investor
But what about the residential market?
When the city spruces up for company, they’ll also make the city more livable and bring a huge influx of money. There will be improvements on roads, public transportation and other infrastructure that helps add value to everyone’s homes. That starts almost immediately
In the immediate future, preparation to host the Olympics will proliferate and hasten the influx of funding for commercial real estate and infrastructure, creating a boomerang effect on job creation. Accessibility of different neighborhoods will be aided by an aggressive 40-year plan to upgrade Los Angeles transit, including metro rail, buses, downtown streetcars and highways. Indeed, the Olympics may function as an important catalyst to expand commuting radius and set firm deadlines for construction and completion of projects.
The impact will be lasting, although, like the day after Christmas, there might be a bit of a let down after the event. Still, the world will be reminded of what a vibrant and influential city Los Angeles is, and that’s a win for almost everyone…except for traffic.
Featured image via Wikipedia.