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BROAD ECONOMIC BASE WILL SPEED REAL ESTATE RECOVERY; NO LONGER A ONE-INDUSTRY TOWN

 /ADVANCE/ LOS ANGELES, Sept. 23/ PRNewswire/ -- A strong conviction that substantial and sustained recovery in Southern California commercial real estate activity is "just around the corner" was voiced here today by Lawrence H. Rappoport, CPA, director of financial services for Beitler Commercial Realty Services. The Beitler firm is a leading force in the Southern California market with offices in Los Angeles, the San Fernando Valley, and the Antelope Valley.
 Speaking at a seminar sponsored by Beitler, the Bank of America and Solomon Ross & Co. (an Accountancy Corporation), Rappoport said that many recent events such as a new mayor, a new president, two new senators, a new pro-business attitude in Sacramento and the "false hopes" of many firms contemplating moving out of the state have substantially and meaningfully changed the psychological climate.
 "We are about to see a renewal of the legendary Southern California optimism and hope," he said.
 Rappoport said he does not base his positive convictions solely on psychological factors. "Underlying the emerging mood of optimism is reality -- a solid foundation of strong companies in expanding, even exploding, industries such as cable and communications, entertainment, medical services and the conversion of military high-tech to civilian high-tech."
 He referred also to the growing national prominence of the Los Angeles garment and fashion industry, the expected growth of Enterprise Zones, and the large investments being made in new tourist attractions, including the greatly enlarged Convention Center.
 "We are no longer a one-industry company town," he said.
 Supporting these new and growing activities is a world class infrastructure, Rappoport pointed out -- A rapidly developing mass transportation system, the proposed Alameda Corridor to the harbor, the outstanding universities and research centers, a huge international airport serving the world and providing direct access to Pacific Rim markets, medical schools that will cater to the reform of the health care industry, and a multitude of financial, consulting and high-tech services.
 "If we get back to basics," he said, "and consider location, location, location, Los Angeles and Southern California top the list.
 "People want to live here, where the climate is outstanding, where they can still find and afford a home of their own, where rents and other costs are affordable, and where their children can expect to participate in the 'new industrial revolution.'"
 Companies and industries, he said, will stay in and move to Southern California because of the availability of supporting services, good transportation, a huge and educated labor pool, accessibility of markets, and a host of other factors.
 "There are many reasons to be optimistic about this area," he concluded. "New and exciting investment opportunities will challenge our imagination."
 Also participating in the seminar were Dr. Nancy Dayton Sidhu, vice president and senior economist in the economics policy research department of the Bank of America, and Brian Gourlay, CPA, senior tax manager with Solomon Ross & Co. Sidhu discussed economic trends in the United States and California, and Gourlay examined the 1933 Tax Act and its effects on real estate professionals.
 -0- 9/23/93/2100
 /CONTACT: Lawrence Rappoport or Bruce Frasco, Senior VP, Beitler Commercial Realty Services, 818-501-5001/


CO: Beitler Commercial Realty Services ST: California IN: SU:

EH-JB -- LA018 -- 5288 09/23/93 14:21 EDT
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Publication:PR Newswire
Date:Sep 23, 1993
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