Since the early 1900’s Hollywood has been synonym to entertainment and films. Even now with the streaming revolution Hollywood remains the center for the industry and home to entertainment titans such as Netflix.
Market
Industry Partners just started tracking the Hollywood creative office market in 2019. Streaming behemoth Netflix continued to gobble up space, with a recent 100,000 SF lease signed in mid 2019 at Vine Studios and a 70,000 SF sublease at 1350 N Western Ave, adding to their 1.4mm SF footprint in LA. These large leases continue to help drive down vacancy which is now at 5.7% and has seen a steady decline since 2017. Average asking rents also continue an upward trend, now at $4.55/SF FSG.
Market
Industry Partners just started tracking the Hollywood creative office market in 2019. Streaming behemoth Netflix continued to gobble up space, with a recent 100,000 SF lease signed in mid 2019 at Vine Studios and a 70,000 SF sublease at 1350 N Western Ave, adding to their 1.4mm SF footprint in LA. These large leases continue to help drive down vacancy which is now at 5.7% and has seen a steady decline since 2017. Average asking rents also continue an upward trend, now at $4.55/SF FSG.
