The city of Los Angeles is a point of convergence for businesses. Also known as simply L.A, Los Angeles is the third most economically powerful city in the United States, and the eight most economically powerful city in the world. In 2008, Los Angeles was named the world’s eighth most economically powerful city by Forbes.com, third in the U.S. behind New York City and Chicago. The Los Angeles combined statistical area has a gross metropolitan product of $831 billion (as of 2008), making it the third largest economic center in the world, after the Greater Tokyo Area and the New York metropolitan area. As the home base of Hollywood, it is known as the “Entertainment Capital of the World”, leading the world in the creation of motion pictures, television production, video games, and recorded music. The importance of the entertainment business to the city has led many celebrities to call Los Angeles and its surrounding suburbs home.
The economy of Los Angeles is driven by international trade, entertainment, aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States. Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation.
Los Angeles enjoys a subtropical climate, with an average of 320 sunshine days and only 35 days with measurable precipitation annually.
Industries that are drawn to office space in Los Angeles include media production, finance, telecommunications, law and healthcare. Some big Fortune 500 companies that call Los Angeles office space home now are Occidental Petroleum, Health Net, Northrop Grumman, Aluminum and AECOM and Reliance Steel. The metropolitan area contains the headquarters of companies who moved outside of the city to escape its taxes but keep the benefits of proximity. Los Angeles charges a gross receipts tax based on a percentage of business revenue, while many neighboring cities charge only small flat fees.
Other companies headquartered with office space in Los Angeles include City National Bank, 20th Century Fox, Latham & Watkins, Univision, Metro Interactive, LLC, Premier America, Gibson, Dunn & Crutcher, DeviantArt, Guess, O’Melveny & Myers; Paul, Hastings, Janofsky & Walker, Tokyopop, The Jim Henson Company, Paramount Pictures, Sunkist Growers, Incorporated, Tutor Perini, Fox Sports Net, Capital Group, 21st Century Insurance, and The Coffee Bean & Tea Leaf. Korean Air’s US passenger and cargo operations headquarters are located in two separate offices in Los Angeles.
Learn more about Los Angeles office space.
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