Where should the world’s wealthiest and savviest real estate investors place their funds? In a new survey from the London-based investment bank Schroders, the top answer is Los Angeles.
In the third annual Schroders Global Cities 30 Index
, factors including age demographics, median income, university ranking, retail sales and gross domestic product were factored into the analysis. Los Angeles ranked first out of 160 global cities, edging out London. Los Angeles was among five U.S. cities in the index’s top 10, with Boston in third place, Chicago in fourth, New York in fifth and Houston in seventh.
“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,” said 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.”