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Commercial Real Estate in Lakewood, CA - 113 Properties Available

Lakewood, CA - Commercial Properties

Lakewood, CA Economic Overview

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Lakewood is a 9.5-square- mile city in southern Los Angeles County, situated just 23 miles southeast of Los Angeles. The City is bordered by Long Beach on the west and south, Bellflower on the north, Cerritos on the northeast, Cypress on the east, and Hawaiian Gardens on the southeast. Sometimes referred to as “an instant city” due to its origins, Lakewood was initially built as the largest planned community in the U.S. in the early 1950s, and is now home to over 78,000 residents. Lakewood is a contract city, meaning that some services are delivered by the City’s own employees, and was the first in the county to adopt this form of government. Famously, Lakewood is also home to the first Denny’s Restaurant, founded in 1953 by Harold Butler. The City’s business-friendly atmosphere, fast, “instantaneous” pace, and proximity to Long Beach continues to attract businesses and developers to the one of a kind Lakewood commercial real estate market.

The economic base of the city is primarily in commercial and retail, and enjoys the benefits of the diversified economy of Southern California. The City includes a regional mall and dozens of neighborhood shopping centers and commercial plazas. There are over 3,000 businesses located in Lakewood, including home-based occupations, which generated $14.5 million in sales tax in 2016. The Port of Long Beach is a vast provider of employment and business opportunities throughout the county. Locally, the port operations support 30,000 jobs. The City’s largest employers include Long Beach Unified School District, Lakewood Regional Medical Center, and various retail, automotive and home improvement businesses, as well as the City itself.

Lakewood, CA Commercial Real Estate Market

The city of Lakewood is primarily a residential community, with only six percent zoned for commercial use. The city is home to the 17 th -largest mall in the U.S., with 2.1 million square feet of retail space, which is strategically located in the center of the City. Lakewood’s most prominent commercial centers include Carwood West, Lakewood Center, Lakewood Marketplace, Bellflower & South, and Palo Verde & South.

The Lakewood office scene is currently experiencing a slight boost in rates, but has lower rates compared to the rest of the Metropolitan Los Angeles office market.

The broader Los Angeles County office market continues to see high demand driven by business growth in a broad range of industries. L.A. County office vacancy decreased to 15.1% in 2017 and is expected to decline further due to continued job and business growth.

Lakewood Center is Lakewood’s regional mall located at the northeast corner of Lakewood Boulevard and Del Amo Boulevard, hosting over 2 million square feet of commercial space. The Lakewood Center office market is located across from Lakewood Square, Restaurant Row, and City Hall.

Lakewood, CA Office Sales Volume

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Lakewood, CA Office Transactions

Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.

Lakewood, CA Commercial Inventory Breakdown

Office Spaces

Total: 418,563 SF

Data provided by Yardi Matrix, properties over 50k SF, includes office with retail

By square footage range:

  • 50k to 100k SF: 418,563 SF / 100% of total office

By class:

  • Class B: 418,563 SF / 100% of total office

Employment in Lakewood, CA

Employment

Due to Lakewood’s strong retail growth, the City has added more than 5,000 jobs from new businesses that have been established over the past six years. Lakewood has an unemployment rate of 4%. The most common jobs groups in Lakewood include Administrative, Sales and Management. The occupations with the fastest project job growth in the County include Mathematicians, Personal Care Aides, and Statisticians.

According to the Bureau of Labor Statistics, the industries in the Los Angeles-Long Beach- Glendale, CA area with the highest employment numbers include:

  • Trade, Transportation, and Utilities—currently employs 820,900, growing at 0.2% per year
  • Education and Health Service—currently employs 781,000, growing at 2.6% per year
  • Professional and Business Services—currently employs 615,900, growing at 3.1% per year

Education in Lakewood, CA

The city is served by four school districts, which include Long Beach Unified School District, Paramount Unified School District, Bellflower Unified School District, and the ABC Unified School District. In the early 1990s, a coalition of Lakewood residents formed the Lakewood Unified School District Organizing Committee, which sought to establish a separate Lakewood school district. The organizing committee became the Lakewood Education Foundation, which raises funds to assist classroom teachers.

There is a vast range of higher education options in the Lakewood area—129 colleges are located within 50 miles of the City. The nearest college is Long Beach City College at a distance of 1.3 miles from Lakewood center. Cerritos College, American University of Health Sciences, and California States University Long Beach are also located within 5 miles from Lakewood center.

Commuting Time in Lakewood, CA

Lakewood Center is a major “transit mall” for Long Beach Transit buses. To make transit in the City more appealing, Lakewood has recently upgraded more than 100 bus stops around town. Stops along major boulevards even have a solar-powered lighting for evening travelers.

Additional transport options include:

  • Commuting to downtown Los Angeles takes about 30 minutes via the I-710 N or the I-5 N
  • The Metro Blue Line provides light rail servicing Lakewood to Downtown Los Angeles and has a convenient station and ample parking on Del Amo Avenue near the 710 Freeway. It is often used for zipping riders to downtown Los Angeles and the rest of the Metro system in just minutes.
  • Lakewood bus service is provided by Long Beach Transit, which operates nearly a dozen bus routes in the City, and the L.A. County is served by the Metropolitan Transportation Authority.
  • A free downtown bus shuttle is provided by Long Beach Passport Bus Shuttle
  • Long Beach Airport is the airport closes to Lakewood. If offers dozens of daily flights on American Airlines, U.S. Airways, and Jetblue. Alternative area airports include bustling Los Angeles International (LAX) and Santa Ana/Orange County (SNA).

Employees in Lakewood have an average commute time of 27.7 minutes, which is longer than the national average of 24.8 minutes. The largest share of workers drives alone, followed by those who carpool and work at home.

Lakewood Demographics

Population

  • Total Population81,173
  • Male Population(48.8 %) 39,618
  • Female Population(51.2 %) 41,555
  • Median Age38.50

Income/Financial

  • Average Household Income$88,418
  • Median Household Income$79,193
  • Median Income Under 25$29,665
  • Median Income 25-44$89,509
  • Median Income 45-64$87,212
  • Median Income Over 65$41,232

News

With the 2018 tax filing season now behind us, we decided to follow up on our previous list of top 100 property taxes in the U.S. We once again turned to public record sources, aiming to see if any year-over-year difference in taxes tipped the scales for some of the properties included in our pr...

In terms of office sales, Los Angeles was the most active California market we analyzed, wrapping up Q1 with a $1.3 billion total. Bay Area office sales raked in $800 million in 13 transactions, which encompassed over 2 million square feet of inventory. Even though Sacramento came in third, this...

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