West Coast late cycle's been very popular with institutional capital. Capital wants to follow and be in the markets where those tech and entertainment tenants are causing tremendous office market rent growth. The entertainment and tech industries con-tinue to grow in the Los Angeles region in response to robust demand for gaming, streamed content, and television pro-gramming, and due to critical mass being achieved in Silicon Beach.  The L.A. panel did not view the office products in the pipeline as sufficient to meet all of the expected demand two years ago and they are of the same mind today. The obvious conclusion is that rates of return are high enough in L.A. and increasing them with more generous taxation has not changed investment decisions. Learn more: www.allenmatkins.com/ucla