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 in 2016 from sales on goods, state income taxes, and federal taxes (income tax, unemployment Medicare and Social Security).
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 certain do have opportunities to see their dreams come true. Other important industries in Hollywood include technology, healthcare, hospitality, and real estate.
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. Currently, about 15% of Hollywood office space is available for new tenants to rent.
In Hollywood, the majority (about 2.2 million square feet) of the total inventory is Class A assets. These these offices lease for around $54 per square foot. The neighborhood does have some Class B spaces (about 1.3 million square feet), and landlords charge around $48/sqft to lease these properties. Overall, Hollywood office space rental prices are comparable to that of the Westside submarket, which neighborhoods such as Culver City, Century City, Brentwood, West Hollywood, and Westwood.
In the first six months of 2018, Hollywood saw more than 400,00 square feet of new office space come to market. Another 300,000+ square feet is still under construction.
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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.
“Father of Hollywood” H. J. Whitley gave the neighborhood its name in 1886. As the story goes, he was standing on a hill looking at the valley when a Chinese man walked by transporting wood in a wagon. The man paused to greet Whitley then said, “I holly-wood,” by which he meant “I’m hauling wood.” That’s when Whitley first called the town Hollywood. By 1900, the newly established Hollywood had its own post office, newspaper, hotel, and population of 100,000+ people.
On November 14, 1903, Hollywood officially became incorporated as a municipality. In 1910, the city decided to join Los Angeles to get better water and use the city’s sewer system. A few years later, movie companies began to set up shop here. Thomas Edison’s Motion Picture Patents Company, located in New Jersey, had so many motion picture patents that it became difficult for filmmakers on the East Coast to produce anything without getting sued. That’s why they moved out West, where the patents could not stop them.
D.W. Griffith directed In Old California, Hollywood’s very first motion picture in 1910. Nestor Company became the first studio in the neighborhood in 1911. Hollywood became the nation’s fifth-largest industry in the 1920s with the addition of Paramount, Warner Brothers, RKO, and Columbia.
In 1923, one of the most famous landmarks in the area was built in Hollywood Hills: the Hollywood sign. The sign originally said “Hollywoodland.” Its original purpose was actually to advertise a housing development. Years later, in 1949, the Hollywood Chamber of Commerce and the City of Los Angeles decided to remove “LAND” so that the sign would just say “HOLLYWOOD” and represent the entire district instead of advertising a housing development.