Contrary to popular belief, North Hollywood is not the northern region of LA’s Hollywood; it’s actually a neighborhood located in the San Fernando Valley. A few things make the two neighborhoods markedly different from one another — for one, North Hollywood is known for its cultural focus on live theater, while Hollywood is a film mecca.
Within North Hollywood is the famous NoHo, a walkable neighborhood known for its bohemian vibe and is home to many contemporary theaters, art galleries, and cafes.
North Hollywood Office Space – Lease Data & Trends
Cushman+Wakefield puts North Hollywood within the Tri-Cities office market. The Tri-Cities area saw a 59.3% increase in leasing activity in Q1 of 2021 from Q4 of 2020. However, the activity in Q1 still fell far below the average leasing activity for this market. Though this area usually attracts Tech & Media companies, a legal company signed the largest direct new lease of the quarter.
Currently, the Tri-Cities area has more than 24.6 million square feet of total inventory, with a 15.6% overall vacancy rate. While most cities list office rental properties’ prices by square foot per year, Tri-Cities’ listings (along with listings across the broader L.A. metro area) are expressed in monthly terms. The overall asking rent for all classes in North Hollywood, which is included in Tri-Cities, is just over $3.30/square foot. Class A office spaces are only slightly more expensive to rent at just under $3.50/square foot.
Currently, 106,673 square feet of new North Hollywood office space are under construction, so the market will offer more leasing opportunities soon.
What Our Brokers Say about North Hollywood Office Space
Hollywood Hills separates North Hollywood from Hollywood and the rest of Los Angeles. By public transit, North Hollywood is 15-30 minutes away from Burbank, 30 minutes away from Downtown, and 2 hours from Santa Monica. Part of North Hollywood’s appeal is its proximity to Downtown, allowing easy access to everything that Downtown offers but without the hefty price tags that often accompany renting office space there.
North Hollywood is home to Universal Studios and the historic El Portal Theatre. It boasts a strong business scene, housing a variety of small businesses across a number of industries including entertainment, healthcare, insurance, advertising, real estate, and technology.
Top Commercial Buildings in North Hollywood
Check out the following three popular commercial buildings in North Hollywood or contact one of our brokers for more leasing options.
6400 Laurel Canyon Boulevard: Built in 1986, this Class B general office building offers an average leasing rate of $2.35/sqft/month. The property spans 67,722 square feet. Secured Capital Lending rents space in this office building.
4605 Lankershim Boulevard: The City National Bank Building rises 8 stories into the sky and covers 109,329 square feet of space. It was built in 1973. Besides City National Bank, this building also provides space for the talent agency DDO Artists Agency (which also has locations in New York and Chicago) and mortgage loan company LBC mortgage.
11633 Victory Boulevard: 11633 Victory Boulevard is a Class A medical office building that rents space for $30/sqft/year. Tenants may choose to lease the entire 46,795 square foot building. The building has been approved for 24/7 urgent care, medical clinic, imaging center, and surgical center. The building is a 2016 Next LA – AIA LA Chapter Award Winner.
Get to Know North Hollywood
Airbnb calls North Hollywood “quiet, hip, and residential” and says the neighborhood is known for its art galleries, nightlife, and parks. The North Hollywood Recreation Center, which includes an auditorium—indoor and outdoor baseball diamonds, and a children’s play area—and the Valley Plaza Recreation Center are two popular recreation areas in the neighborhood. As for the best places to eat lunch in North Hollywood? We recommend visiting Prioshki Bakery Bros Cafe, Hollywood Pizza Cafe, EAT, or Hungry Habanero on your lunch break, all of which are recommended on Yelp.
North Hollywood is still growing and changing. The neighborhood’s continuing evolution is driven by the 743-acre North Hollywood Development District and the NoHo Common projects.
Why rent office space in NoHo, Los Angeles?
L.A. Weekly once called North Hollywood the best neighborhood in Los Angeles. Besides its many affordable office space options, it also offers a chill, low-key vibe, more than 20 professional theaters, and quick access to NoHo. Take the Metro Red Line Subway or the Metro Orange Line Bus, which both stop at the North Hollywood Station. The North Hollywood Station is both a subway station and a bus rapid transit (BRT) station and is located on Lankershim Boulevard. Several freeways border North Hollywood, and Bob Hope Airport is just northeast of the neighborhood. It has a walk score of 66.
Nearby neighborhoods to set up office space
Considering North Hollywood for your next office space, but also want to explore the surrounding area? Check out some of the nearby neighborhoods that you may want to consider in your office space search.
Valley Village: Valley Village is a San Fernando Valley neighborhood located south of North Hollywood. It’s home to UCLA, Southern California Edison, University of Southern California, Bank of America, and SpaceX. It is considered one of the best places to live in California.
Burbank: Burbank famously includes Walt Disney Studios, Warner Bros Studios, and the nation’s largest IKEA. Often called the Media Capital of the World, Burbank also houses Nickelodeon Animation Studios, Cartoon Network Studios, and Insomniac Games. Burbank boasts San Fernando Valley’s second-largest office space market, and about 150,000 people work in the neighborhood.
Van Nuys: Van Nuys is the only San Fernando Valley neighborhood with a population of more than 100,000 people. Because of its abundance of warehouses and industrial spaces, many manufacturing companies operate in Van Nuys. Office spaces tend to lease for around $2.74/square foot per month, while Class A spaces cost around $3/square foot per month.
Toluca Lake: Toluca Lake is a San Fernando Valley neighborhood located northwest of Downtown. It derives its name from the private natural lake maintained by nearby property owners. One of its prominent office buildings, 4130 Cahuenga Boulevard, currently offers many direct and flexible leasing options.