The top 10 cities as ranked in the Schroders Global Cities 30 Index.
The City of Angels beat out London as the new hot spot for global real estate investors in the third annual Schroders Global Cities 30 Index, released on June 26.
For a city known more as a one-trick pony producing movie magic, Los Angeles is home to the well-respected colleges UCLA, USC and Pepperdine and start up tech companies are claiming their spot on the A-list. Snapchat, Pandora, eHarmony, Dollar Shave Club and Boingo Wireless are just some of the big names in tech that call LA their home. This means there is more to LA than acting and writing screenplays. LA is not only attracting some refugees from costly Marin County up in northern California, but it is also attracting Chinese capital. China is building real estate and moving in to LA at a faster pace than they are in Miami and New York.
“The scale and economic depth of LA makes it a compelling location to work and live. One of its key economic strengths is that it doesn’t have to rely on only one industry,” says Tom Walker, co-head of global real estate at Schroders. “The technology sector, in particular, has grown substantially over the past few years, and this has not only boosted demand for office space but also for residential property, much of it due to the increased hiring of Millennials.”
American cities are dominating the index, taking 18 of the top 30 places and four of the top five places. Read the complete story at Forbes.com.