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The 2028 Olympics and commercial real estate

With the 2028 Olympics coming to Los Angeles, the city is poised to increase its rank among world cities. Global cities are those cities that lead the way economically and culturally. Business and innovation boom in these centers. Already, Los Angeles has a thriving real estate market, and this will only increase the health of it.

As cities climb the ranks among global centers, businesses are more likely to invest and locate their hubs in those places. More people move to the cities because there are more jobs. Hosting the Olympics also means money coming into the city in the form of overseas contracts, sales, licensing, broadcast rights and tourism.

Preparation for the Olympics begins long before the actual games begin. Although Los Angeles already has a 40-year plan in place to improve transit, the Olympics may speed up that process. New sporting facilities must be built, and existing ones must be upgraded. Furthermore, there will need to be expansion in hospitality, restaurant and retail sectors to accommodate visitors. These changes tend to be long-term, and it is likely that after the Olympics end, Los Angeles will continue to benefit from the influx of investment, improved infrastructure, and growth in employment and population. All of this bodes well for commercial real estate growth.

Commercial real estate selling, buying and management can be complex, and investors and sellers might want to work with an attorney throughout the process. The legal language in contracts must be precise, and there may be aspects even experienced investors or sellers might overlook. An attorney may also be able to help if real estate litigation becomes necessary.

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