California residents may be aware that the International Olympic Committee has announced that the 2028 Summer Olympic Games will be held in Los Angeles. This will mark the third time that the city has hosted the quadrennial games, and area real estate developers are hoping that the event will help Los Angeles to cement its reputation as a global commercial hub. In addition to attracting large numbers of tourists from around the world, hosting the games could prompt city planners to approve a number of mass transit and infrastructure projects that have been delayed for years.
Los Angeles lies just outside the top 10 world commerce centers according to the Global Power City Index, but industry analysts believe that the economic impetus of hosting the Olympic Games could influence these rankings in the years ahead. World cities are judged based on factors such as livability, business innovation and trade, and they tend to attract companies in growing or emerging areas such as technology and health care.
While discussions about the economic impact of the Olympic Games generally focus on the entertainment and hospitality sectors, commercial real estate developers may be more interested in the construction and infrastructure projects associated with hosting a major global sports tournament. Experts say that the pressure of an Olympic timetable could be a valuable catalyst for city planners who have allowed plans to improve road and rail systems in Los Angeles to languish.
Major infrastructure projects can rejuvenate entire neighborhoods, but commercial real estate developers who wish to take advantage of emerging opportunities must overcome a range of regulatory and legal obstacles. Attorneys with experience in this area could provide assistance with permit, land use and environmental issues, and they could also seek to settle legal disputes quickly to avoid delays and keep projects on track.