Hollywood, a neighborhood in central Los Angeles, is best known as the chief home of the United States film industry and attracts millions of visitors per year who hope to catch a glimpse of their favorite television and movie stars. Hollywood’s film and TV industry generated nearly $21 billion in public revenues back in 2016 from sales on goods, state income taxes, and federal taxes (income tax, unemployment Medicare and Social Security). Major companies located in the area include Netflix and Viacom.
Currently, the neighborhood’s most in-demand jobs are producers, directors, audio and video technicians, and film and video editors, so people who move here with aspirations to make movies and TV shows certainly have opportunities to see their dreams come true. Other important industries in Hollywood include technology, healthcare, hospitality, and real estate. We can help you start your search for office space in Hollywood, CA.
Hollywood Office Space | Lease Data & Trends
Hollywood isn’t all film studios, movie stars, and hotels. Defined as part of the Mid-Wilshire office space submarket, Hollywood includes more than 3.5 million square feet of office space. In Q3 of 2020, about 21% of Hollywood, CA office spaces are vacant and available for new tenants to rent. Approximately 19% of this was direct space, while just under 2% was space available for sublease. This was up a few percentage points from the previous quarter, which had a vacancy rate of around 18%.
The total commercial real estate inventory in Hollywood is just over 15 million square feet of space. Approximately 800,000 square feet of office space was under construction in 2020. Overall, Hollywood office space rental prices are comparable to that of the South Bay submarket, clocking in at around $3.10 per square foot per month, or $37 per square foot per year. This is lower than the Greater Los Angeles area average asking rent of around $3.30 per square foot per month, or around $40 per square foot per year.
Looking for office space for lease in Hollywood, CA? Contact our team today to get a list of available spaces tailored to your business needs, whether you’re looking for coworking space, private space, creative space, flexible term space, meeting space, executive suites, or a temporary workspace.
Top Commercial Office Buildings in Hollywood
If you’re looking for private spaces in Hollywood, don’t overlook these top properties in the area when conducting your search! Contact us to tour listings in one of these properties, or in any office properties in the Hollywood area.
1017 North Las Palmas Avenue: This office building was initially developed as the Eastman Kodak Building in 1929. It was renovated by the Lincoln Property in the 2010s, boasting approximately 103,000 square feet of creative office space. The impressive property isn’t just historic, but also offers a number of state-of-the-art amenities to tenants.
959 Seward Street: This modern, glass-front, Class A building offers ideal offices for companies in the entertainment space. Located on a 3-acre lot and spanning 5 floors total, the property features 6 elevators, a LEED certification, a gym, a parking garage, shared bike storage, key card access for tenants, outdoor space, tons of natural light, and much more.
6922 Hollywood Boulevard: Located on the iconic Hollywood Boulevard, this Class A office building is perfect for those seeking a state-of-the-art office environment right in the heart of Hollywood. The building features a vast array of amenities, including but not limited to exposed ceilings, abundant natural light, parking spaces both adjacent to the building and below ground, proximity to the 101 freeway, and a renovated lobby.
In addition to traditional space, there are also a number of coworking providers in Hollywood for businesses looking for a flexible term. Some top coworking services in the area include Second Home, WeWork, and Serendipity Labs.
What Our Brokers Say About Hollywood Office Space
Hollywood is bounded by Hollywood Boulevard to the north, Melrose Avenue to the south, Western Avenue to the east, and La Brea Avenue to the west. Nearby neighborhoods include Hollywood Hills, Los Feliz, East Hollywood (Virgil Village), Larchmont, Hancock Park, Fairfax, West Hollywood, and Hollywood Hills West.
Hollywood was primarily designed to be navigated by car, but developers are working on extending light rail and express bus lines in the area. The Los Angeles County Metropolitan Transportation Authority (METRO) does have stations in Hollywood. Hollywood is also one of the most walkable neighborhoods in Los Angeles. In general, Los Angeles has plenty of bike paths as well. The Bob Hope Airport is the closest airport to Hollywood, but the greater Los Angeles area also includes the Los Angeles International Airport, Long Beach Airport, and John Wayne Airport.
Hollywood is best known for its film and TV industry, which has grown exponentially over the past few decades, mostly thanks to expanding technology and broadcasting capabilities, drawing the world’s attention to Hollywood’s star-studded streets. The industry really began to take off in the 1920s with the birth of the “movie star” and the concept of a movie studio. Warner Brothers Pictures, Paramount, RKO, Metro Goldwyn Mayer, and 20th Century Fox became important during this time. Hollywood’s “Golden Age” began in the 1930s when new film genres like action, documentaries, comedies, horror, and western became popular and common. One of the first major technological advancements that changed the film industry was the introduction of sound; all films used to be silent films. Today, technology has created even more jobs in the industry in special effects, marketing, and streaming services. People can now watch TV and movies on their personal laptops and cell phone, further expanding Hollywood’s reach into homes around the world.
One major perk of Hollywood’s influx of tourists is the accompanying array of restaurants that have popped up to accommodate them. Those working in the Hollywood area will not be disappointed when it comes to location options for business lunches, meetings, and after-work excursions. Check out Yardbird Southern Table & Bar, Spoonfed, Off Vine Restaurant, Paley, Paramount – The Dining Room, Rock House Sliders, or Delancey.
Hollywood also has plenty of sightseeing and activity opportunities for tourists and locals alike. For example, the Hollywood Bowl is the nation’s largest natural amphitheater and hosts famous musical talents every year. Take advantage of the TV and film industry and get tickets to a TV show taping of a sitcom, talk show, or game show. Or, just take a walk and see some of the incredible sights people come from worldwide to see. The Hollywood Walk of Fame along Hollywood Boulevard and Vine Street is a popular choice.
Why Should You Rent Hollywood Office Space?
Considering looking for available workspace in Hollywood, but not sure if it’s going to meet all your business needs? Here are the top reasons companies across all industries rent office spaces in Hollywood, CA:
- Hollywood isn’t just an entertainment capital: While it’s true that Hollywood is a hotbed for companies in the entertainment and media industries, it’s also home to a number of other types of businesses in tech, healthcare, finance, non-profits, and more. For example, companies like Match.com and Optello have workplace locations in Hollywood; a number of startups are also located in the area. Local tenants will benefit from a diverse array of neighbors.
- Commuting is made easy: Major roads Santa Monica Boulevard and Western Avenue, as well as the I-101 freeway, cut through Hollywood, allowing for easy access from other parts of the Los Angeles metropolitan area. Additionally, because it’s so centrally located, it’s a great option for office space if you have a distributed workforce. Beverly Hills, Koreatown, Silverlake, Downtown LA, and Los Feliz are just a few of the neighborhoods near Hollywood.
- There’s no shortage of things to do in the area: Hollywood is known for its myriad entertainment, food, and drink options, making it easy to find spots to host work lunches, happy hours, and team-building events.
If you think Hollywood office space would be right for your business, or you want to explore other options in the LA metro area, contact us to get started on your office space search.