This year’s Power L.A. list reflects resilience in a drastically changing environment. It focuses heavily on the strength of the Hollywood entertainment machine and the bastion of never-ending tech and media expansion, along with those e-commerce investors experiencing unimaginable success. It tells the story of a sprawling region that went through the toughest depths of a pandemic and came out on the other side on the same glitzy foundations it entered on.
But that’s not to say things aren’t changing. In the face of unprecedented uncertainty, this year’s list also shows a very different era on the horizon along the road to a new Los Angeles. Rick Caruso — the billionaire developer who gave us The Grove — is battling Congresswoman Karen Bass to be the next mayor. Beny Alagem is reshaping Beverly Hills. The Related Companies finally opened The Grand downtown after almost two decades. And Alexandria and life sciences real estate investors are scaling new heights.
Still, many mainstays that make up Los Angeles commercial real estate, and the established heavy hitters of Southern California, are more powerful now than ever before. Streaming companies are signing longer leases; industrial firms like Rexford and Prologis are recording remarkable numbers as e-commerce demand shows no signs of slowing. At the same time Hudson Pacific and Michael Hackman continue to grow their soundstage empires; CIM Group is filing new multifamily development plans seemingly every week; and Donald Bren keeps getting richer.
Los Angeles went through serious adversity, and faces more difficult challenges every day. But the city and its surrounding region are ready and waiting for its Hollywood comeback all the same.