Monterey Park, CA Economic Overview
Monterey Park is a hillside suburban city in Los Angeles County, just seven miles east of Downtown Los Angeles. Named after old government maps that described the oak-covered inclines that made up the area of Monterey Hills, the City serves as the western gateway to the San Gabriel Valley. Monterey Park encompasses an area of 7.37 square miles with a population of approximately 62,000. The City is primarily residential, with the Monterey Park commercial real estate hosting major businesses in the food and drug, auto sales, banking, restaurant, hospital and medical office, and light manufacturing industries. The City is a part of a dynamic cluster of cities, which includes Alhambra, Arcadia, Temple, Rosemead, San Marino, and San Gabriel with a growing Asian American population and the largest concentration of Chinese Americans of any municipality in the U.S.
In the 1980s, Monterey Park came to be known as “Little Taipei” due to the influx of Chinese businesses from Los Angeles’ Chinatown. The City was later translated into Chinese to mean “Lush, Very Green Park,” and has experienced a steady growth of affluent Taiwanese immigrants. Today, the City has a diverse employment base with a large share of establishments in office, manufacturing, retail/restaurant, and hospital sectors. Being an aged city, Monterey Park has faced some challenges in recycling land for attracting new retail and professional-technology development. Positive change in the U.S. economy has granted the City an opportunity to position itself favorable to newly emerging industries, especially associated with green technology. The City’s largest employers include East Los Angeles College and the Garfield Medical Center.
Monterey Park, CA Commercial Real Estate Market
Overall, the Monterey Park has diverse economic land uses ranging from retail/restaurant to office/professional to industrial/warehousing to medical uses. The city is well located just east of downtown Los Angeles with regional access to major freeways, rail, and bus transit systems, which continue to give its office space a strategic advantage. The City of Monterey Park continues to assist primary commercial development, including the Monterey Park Market Place. This development will include over 500,000 square feet of commercial, retail and restaurant space and is anticipated to have many well-known national and regional tenants. The Chinese-dominated business district, near the intersection of Garfield Avenue and Garvey Avenue, is known as Downtown Monterey Park. This area is marked by a high concentration Hong Kong fusion cafes and Cantonese restaurants, once built to service tourists from Taiwan and Hong Kong.
The encompassing Los Angeles County office market has experienced a recent boost in demand due to growth in high tech services. L.A. County office vacancy decreased to 15.1% in 2017 and is expected to decline further due to continued job and business growth.
Downtown Monterey Park is the historic heart of the City and centered on the intersection of Garvey and Garfield Avenues, one of the most concentrated for prime office space. Downtown Monterey Park office market is characterized by its 1950s era commercial and retail architecture, one or two-story retail establishments, and a “small town” character.
Monterey Park, CA Office Rental Rates ($/SF/year)
Data provided by Yardi Matrix, for properties larger than 50K SF.
Monterey Park, CA Office Sales
Data provided by Yardi Matrix, for properties larger than 50K SF, which sold at over $5M.
Monterey Park, CA Commercial Inventory Breakdown
Total: 1,784,784 SF
By square footage range:
- 50k to 100k SF: 633,956 SF / 35.52% of total office
- 100k to 500k SF: 1,150,828 SF / 64.48% of total office
- Class B: 1,784,784 SF / 100% of total office
Employment in Monterey Park, CA
Employment in Monterey Park has been growing at a rate of 0.91% from 26,743 employees in 2014 to 26,987 employees in 2015. The most common job employment industry groups are Management, Business, Science, Arts, Sales and Office, and Service, with the most common occupations of Administration, Sales, and Management. The City continues to enjoy a low unemployment rate at about 3.7%, compared with the County rate of 4.2%.
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 Monterey Park, CA
Four school districts all serve different areas of Monterey Park and include Alhambra Unified School District, Garvey School District, Los Angeles Unified School District, and Montebello Unified School District. A number of private schools are found within the city limits.
East Los Angeles College is a community college that is located in Monterey Park in an area that was once part of East Los Angeles (unincorporated). In addition, California State University, Los Angeles is in close proximity.
Commuting Time in Monterey Park, CA
The City has excellent connectivity through freeway access and regional rail transit, with key commercial districts possessing at least medium walkability. Transportation options include:
- Monterey Park is served by the Long Beach Freeway, (I-710), the San Bernardino Freeway (I-10), and the Pomona Freeway, SR 60. Downtown Los Angeles is just a quick 20-minute drive away.
- Public transportation is provided by the city government, Spirit bus service and Metrolink feeder bus, the City of Montebello and the Los Angeles County Metropolitan Transportation Authority.
- Metro Gold Line light rail service stops at Atlantic station just south of the city limits.
- The closest airport to Monterey Park is Bob Hope Airport (BUR) at 16.6 miles or a 40- minute drive. Los Angeles International Airport (LAX) is located just 18.3 miles from the City—about an hour drive.
Employees in Monterey Park have a longer average commute time of 27.9 minutes than the national average of 24.8 minutes. The largest share of workers drives alone, followed by those who carpool and work at home.
Monterey Park Demographics
- Total Population61,056
- Male Population(47.8 %) 29,196
- Female Population(52.2 %) 31,860
- Median Age44.70
- Average Household Income$78,449
- Median Household Income$55,117
- Median Income Under 25$33,036
- Median Income 25-44$64,058
- Median Income 45-64$61,033
- Median Income Over 65$39,352
Residential Rents in Monterey Park, CA
The average rent for an apartment in Monterey Park is $1,975, a 25% increase compared to the previous year, when the average rent was $1,585. While the average rent for two-bedroom units has decreased by 1% year-over- year, studio apartments ($1,400/month) and one- bedroom ($1,570/month) rents have gone up by 14% to 15% over 12 months.
The most affordable areas near Monterey Park is El Monte ($1,106/month). The most expensive rentals in the Monterey Park area are West Covina ($1,630/month), Rowland Heights ($1,609) and Industry ($1,546/month).
Monterey Park, CA Average Rental Price, September 2019
- $ 1,872/mo
- Studio: $ 1,600
- 1 Bedroom: $ 1,440
- 2 Bedrooms: $ 1,769
Monterey Park, CA Rent Trends
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