THE COMMUNITY
200,000 RESIDENTS STRONG
A BRIGHT FUTURE
TOURISM
DEVELOPMENT BOOM MILLENNIALS & URBAN TECH
HOLLYWOOD BUSINESS & COMMUNITY PROFILE 2016 -2017 EDITION • A PUBLICATION OF THE HOLLYWOOD CHAMBER OF COMMERCE
VIEW LOOKING NORTH UP THE GRAND STAIR CASE AT COLUMBIA SQUARE’S STUDIO BC AND GOWER BUILDING. Photo by Randy Howard
THE HOLLYWOOD COMMUNITY & BUSINESS PROFILE
SHUTTERSTOCK
A FOCUS ON HOLLYWOOD’S AMAZING COMEBACK OVER THE PAST 20 YEARS
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elcome to the most comprehensive statistical profile of Hollywood that has ever been completed, courtesy of the Hollywood Chamber of Commerce!
Hollywood is more than just a brand or the symbol of the entertainment industry. It is a real community, with all of the issues that are faced by any city. The information in this profile tells the story of its amazing comeback over the past 20 years. With billions of dollars of investment improving Hollywood, we believe it has a bright future – not only as the place dreams are made, but as a community in which to live and work. Because this is one of the most famous communities in the world and the entertainment heart of the City of Los Angeles, one would think that it would be easy
to gather demographic data on Hollywood. While a great deal of data exists for Los Angeles, it is unfortunately not broken down by community. Generally, demographic data is only reported for incorporated cities. Hollywood was its own city from 1903 to 1910, when it annexed to Los Angeles. Although there were many benefits of joining the city, getting accurate statistical data was not one of them. As one of the hottest real estate markets in Los Angeles, there has been an increasing demand for accurate information about Hollywood. With that in mind, the Board
of Directors of the Hollywood Chamber committed to gathering data that would be useful for both businesses and residents. Data included in this report was provided from Beacon Economics’ Economic Trends in Hollywood: 2015 Report, Nielsen 2014 Pop-Facts, the Los Angeles Tourism & Convention Board’s 2013 Hollywood Visitor Profile, and from data that the Chamber itself tracks. Of course, when you are not an actual incorporated city, it is important to define boundaries that would make sense. We determined that the most useful boundaries would be those identified and accepted by the City as the Hollywood Community Plan area. This is the area generally bounded by Mulholland Drive on the north, Hyperion on the east, Melrose on the south, and the adjacent cities of West Hollywood and Beverly Hills to the west. H
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A POSITIVE FORCE INTHE COMMUNITY THE HOLLYWOOD CHAMBER OF COMMERCE
SHUTTERSTOCK
BY LERON GUBLER, PRESIDENT & CEO, HOLLYWOOD CHAMBER OF COMMERCE
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hat a difference 20 years makes! With all of the development occurring in Hollywood today, it is easy to forget how far we have come. Twenty years ago, after several decades of decline, many had given up on Hollywood and some feared that it would be impossible to turn the community around.
The one organization which did not give up and which worked tirelessly to find a way to reinvigorate the community was the Hollywood Chamber of Commerce. The Hollywood Walk of Fame was actually a Chamber marketing idea in the 1950s, which proved remarkably successful, but which, in and of itself, did not revitalize Hollywood. By the early 1980s, it appeared that a more organized program was needed and the Chamber pursued having central Hollywood declared a redevelopment district. Councilwoman Peggy Stevenson supported the idea, but was unable to 4 I
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devote any time to it because she was in the middle of a reelection campaign. In 1983, the Chamber held a kick-off event at the Brown Derby, and in short order was able to raise $150,000 from the business community for a feasibility study required to move forward. By 1986, the City had approved the Hollywood Redevelopment Plan, a 1,107-acre district within the heart of Hollywood. Over the years, the CRA proved catalytic in getting several key projects underway. In 1972, the Chamber urged that the planned subway connect Downtown and the Valley with a route up Vermont Ave.
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and through Hollywood. The Chamber lobbied for years for this route before it was finally adopted. When subway construction began in 1992, the Chamber volunteered to host weekly meetings between METRO representatives and businesses that were impacted along the construction route to resolve problems. The Chamber convinced the agency to fund security patrols along Hollywood Blvd. to increase safety, and also created an Adopt-a-Block program, encouraging major corporations to contribute to the upkeep of the Boulevard. The Hollywood Beautification Team provided the labor.
In 1995, a developer approached Council member Jackie Goldberg about redeveloping the struggling Galaxy Shopping Complex on Hollywood Blvd. The developer said he wanted to see evidence that the business community was supportive and would commit to clean up the area. The Councilwoman approached the Chamber and asked that it lead a drive to create a business improvement district. The effort was launched at a meeting in the Academy Room of the Roosevelt Hotel and $62,000 was raised for the needed study. The Chamber later led the difficult petition drive to secure signatures from more than 50 percent of property owners. The result was the creation of the Hollywood Entertainment District (HED) in 1996. The HED and other subsequent BIDs that have been formed have had an enormous impact on improving the community. Intent on changing perceptions, the Chamber began holding the precursor to its annual Hollywood Economic Development Summit in 1994. In the first year, the most positive thing the Chamber could tout was the new In ‘N Out Burger on Sunset Blvd. Today, by contrast, there are numerous developments
to showcase. The Chamber tracks all significant development projects in Hollywood and publishes the popular annual Economic Development Update, summarizing details on what is in the pipeline. The Chamber continues to advocate on issues which it believes will improve Hollywood’s business climate. The idea for the proposed Hollywood Freeway Cap Park was incubated by the Chamber. A proposal by the City to lease out Hollywood’s public parking garages for 50 years was defeated due to Chamber opposition. Chamber members were concerned that a long-term lease would lead to exorbitant parking rates, which would kill retail businesses. The Chamber has also been a strong advocate for the updated Hollywood Community Plan, believing it only makes sense to direct future development into the core downtown area of Hollywood while preserving residential neighborhoods. For nearly 100 years, the Hollywood Chamber of Commerce has been working to promote and enhance the business, cultural and civic well-being of Hollywood. That will continue to be our mission as Hollywood faces a bright future.
ABOUT THE PUBLICATION
7018 Hollywood Blvd., Hollywood, CA 90028 Tel: 323-469-8311 | Fax: 323-469-2805 hollywoodchamber.net
We advocate on behalf of our members and the Hollywood community: u Creating a Strong Economy u Representing the Interests of Businesses with Government u Promoting H0llywood u Networking & Promoting Your Business u Assisting the Community Join us as a member of the Hollywood Chamber of Commerce and support our advocacy efforts. Call (323)469-8311 or email info@hollywoodchamber.net ©2016 Hollywood Chamber of Commerce. All rights reserved. Reproduction of any portion of this publication without written permission from the Chamber is forbidden. The information in this directory is gathered and carefully compiled to ensure maximum accuracy. However, because the completeness and accuracy of the information cannot be guaranteed, the Hollywood Chamber of Commerce cannot accept responsibility for omissions or errors.
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THE COMMUNITY HOLLYWOOD IS 200,000 RESIDENTS STRONG AND GROWING
SHAUN PAVONE/SHUTTERSTOCK.COM
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hen people think of Hollywood, they usually think of the entertainment industry and not the community. However, Hollywood is a real, living, breathing community. With over 200,000 residents, if it were its own city, Hollywood would be among the largest in Los Angeles County. With a high educational level of attainment, Hollywood residents are interested in their community and involved in civic affairs. Here is a snapshot of Hollywood - the community.
POPULATION 2014 ESTIMATED POPULATION BY AGE Age 0 to 4
8,142
POPULATION 4.01%
2019 Projection
208,773 203,100
Age 5 to 9
8,150
4.01%
2014 Estimate
Age 10 to 14
7,098
3.49%
2010 Census
199,190
Age 15 to 17
4,742
2.33%
2000 Census
208,497
Age 18 to 20
5,518
2.72%
Growth 2014-2015
2.79%
Age 21 to 24
9,789
4.82%
Growth 2010-2014
1.96%
Age 25 to 34
45,630
22.47%
Growth 2000-2010
Age 35 to 44
37,439
18.43%
Age 45 to 54
29,486
14.52%
Age 55 to 64
22,187
10.92%
Age 65 to 74
13,414
6.60%
Age 75 to 84
7,811
3.85%
Age 85 and over
3,694
1.82%
Age 16 and over
178,154
87.72%
Age 18 and over
174,968
86.15%
Age 21 and over
169,450
83.43%
Age 65 and over
24,919
12.27%
2014 HOLLYWOOD POPULATION AGE 2014 Estimated Median Age
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EDUCATION (FOR AGE 25 AND OVER) Less than 9th Grade
14,933
9.35%
Some High School, no diploma
10,884
6.82%
High School Graduate (or GED)
24,721
15.48%
Some College, no degree
29,094
18.22%
Associate Degree
10,741
6.73%
Bachelor’s Degree
47,944
30.03%
Master’s Degree
13,680
8.57%
Professional School Degree
5,743
3.60%
Doctorate Degree
5,743
1.20%
2014 ESTIMATED POPULATION BY SEX 38.33
2014 Estimated Average Age
-4.46%
Male
106,422
52.40%
Female
96,678
47.60%
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HOUSEHOLDS 2014 ESTIMATED HOUSEHOLDS BY HOUSEHOLD INCOME
2014 ESTIMATED HOUSEHOLDS BY NUMBER OF VEHICLES
Less than $15,000
19,607
19.98%
No Vehicles
17,524
17.86%
$15,000 to $24,999
12,827
13.07%
$25,000 to $34,999
10,948
11.15%
1 Vehicle
48,867
49.79%
2 Vehicles
25,007
25.48%
$35,000 to $49,999
12,897
13.14%
3 Vehicles
5,131
$50,000 to $74,999
14,888
$75,000 to $99,999
8,347
15.17%
4 Vehicles
1,105
1.13%
8.50%
5 or more Vehicles
512
0.52%
$100,000 to $124,999
5,987
6.10%
$125,000 to $149,999
3,354
3.42%
$150,000 to $199,999
3,423
3.49%
$200,000 to $249,999
1,437
1.46%
Blue Collar
11,996
10.60%
75,402
66.60%
25,821
22.81%
5.23%
2014 ESTIMATED HOUSEHOLD EMPLOYED POPULATION AGE 16 AND OVER BY OCCUPATION
$250,000 to $499,999
2,915
2.97%
White Collar
$500,000 or more
1,516
1.54%
Service & Farm
HOUSEHOLDS
2014 ESTIMATED HOUSEHOLDS BY HOUSEHOLD SIZE
2019 Projection
101,808
1-person household
44,663
45.51%
2014 Estimate
98,146
2-person household
29,688
30.25%
2010 Census
95,196
3-person household
11,063
11.27%
2000 Census
94,039
4-person household
7,259
7.40%
5-person household
3,219
3.28%
Growth 2014-2019
3.73%
6-person household
1,391
1.42%
Growth 2010-2014
3.10%
7-person household
863
0.88%
Growth 2000-2010
1.23%
INFORMATION ON HOME SALES LOCATION
METRIC
2010
2011
2012
2013
2014
Hollywood
Single-Family Home Sales
*
642
781
899
760
Hollywood Los Angeles County
Single-Family Home Median Price ($000s)
965.4
970.5
1,051.6
1,246.8
1,333.4
Single-Family Home Median Price ($000s)
340.0
325.0
340.0
425.0
475.0
Hollywood
Single-Family Home Median Price Change (%)
•
-0.5
4.9
22.3
8.7
Los Angeles County
Single-Family Home Median Price Change (%)
•
-4.4
4.6
25.0
11.8
Private Mailboxes With Real Street Address. Package Notification Shipping & Packing Services Domestic & International
Printing Binding Laminating Posters Postcards Mailers & Banners.
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TOURISM
THE TOURISM SECTOR CONTINUES TO GROW
THINKSTOCK PHOTOS
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ollywood is the epicenter of tourism in Los Angeles. Each year, millions of visitors (both local and from around the world) descend on Hollywood to experience the historic movie capital of the world and its many attractions. With new hotels under construction and on the drawing boards, and exciting new visitor experiences being planned at nearby Universal Studios, Hollywood faces a bright future in tourism. Here is a quick profile of the people who are coming to visit.
HOLLYWOOD VISITOR INFORMATION Using data from two visitor profiles studies commissioned by Los Angeles Tourism and Convention Board (Los Angeles 2013 Active Leisure Visitor Profile and the 2013 Hollywood Visitor Profile), estimates were made of the number of annual visitors and total number of annual visits to Hollywood. ANNUAL VISITATION
NUMBER OF UNIQUE VISITORS
AVERAGE NUMBER OF VISITS
NUMBER OF VISITS
Hollywood hotel guests
655,000
4.1
2,685,00
Overnight visitors (excluding Hollywood hotel guests)
3,713,000
1.8
6,684,000
Day Visitors
1,767,000
1.4
2,546,000
TOTAL
6,135,000
1.9
11,915,000
VISITOR PLACE OF RESIDENCE
NUMBER OF UNIQUE VISITORS
% OF TOTAL
1,263,000
20.6%
827,000
13.5%
Other U.S.
1,747,000
28.5%
International
2,298,000
37.5%
TOTAL
6,135,000
100%
Los Angeles County Other SoCal
Hollywood “visitor” does not include those working or living in Hollywood but does include other Los Angeles County residents and those visiting Los Angeles from outside of Los Angeles County.
HOTEL OCCUPANCY AND RATES
2013
2014
197.8
220.8
HOLLYWOOD Average Daily Rate ($)
CHANGE (%) TOURISTS WALK ON HOLLYWOOD WALK OF FAME. THERE ARE OVER 2,550 +11.6 CELEBRITY STARS.
Occupancy (%)
81.7
82.2
+0.6
Revenue per Available Room ($)
161.6
181.4
+12.2
LOS ANGELES COUNTY Average Daily Rate ($) Occupancy (%) Revenue per Available Room ($)
168.0
180.1
+7.2
81.5
83.4
+2.3
136.9
150.2
+9.7
Source: PKF. Data year-to-date through September 2014.
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HOLLYWOOD HOTEL GUESTS: AVERAGE ROOM RATE
The survey indicates the average room rate for visitors staying in a Hollywood hotel. International visitors appear to be more likely to stay in economy priced hotels/motels. 40% 30.2% 26.4
30%
17.9% 14.2%
20%
11.3%
Under $100
$101 to $150
O% $151 to 200
$201 to $250
Over $250
10%
Source: L.A. Tourism & Convention Bureau
Domestic Excluding L.A. County
International
Over $250
15.2%
8.1%
$201 to $250
15.2%
5.1%
$151 to $200
26.1%
18.2%
$101 to $150
28.3%
26.3%
Under $100
15.%
42.4%
Mean
$177.74
$126.96
46
99
Sample Size
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LA/Hollywood 323-464-0583 West LA/Santa Monica 310-557-1712 Burbank (818) 842-5444 Fax (818) 842-7153 • www.nowmessengerservice.net
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TOURISM DAILY SPENDING IN HOLLYWOOD The typical visitor reported a daily spend of $156.46 while in Hollywood, which covered the cost of 2.2 persons. Therefore it is estimated that each visitor spends $71.12 daily in Hollywood. Chart at right shows mean averages of visitors questioned at each of these venues. Daily Spending by all respondents in Hollywood per Travel Party (Excluding Lodging). Restaurants & Dining
$60.33
Retail Store Purchases
$47.72
Entertainment, Sightseeing & Activities
$31.93
Hiking & Local Transportation
$15.37
Spa/Groom/ Helath Club
$0.06
Other
$1.05 $0
Mean = $156.46 per party $71.12 per visitor
$20
$40
$60
$80
Source: L.A. Tourism & Convention Board
Hollywood Hotels
All Hotels
Other Los Angeles Hotels
All Private Residence
All Day Tripper
Lodging
$169.23
$0.00
$0.00
$0.00
$0.00
Restaurants & Dining
$85.07
$73.99
$67.47
$47.40
$55.05
Retail Store Purchases
$58.05
$61.54
$60.82
$40.66
$44.55
Entertainment, Sightseeing & Activities
$51.11
$40.99
$33.78
$25.63
$27.69
Gas, Parking & Local Transportation
$17.53
$17.87
$17.52
$11.34
$15.13
Spa/Groom/ Health club
$0.00
$0.00
$0.00
$0.28
$0.09
Other
$2.52
$1.31
$0.72
$0.95
$0.79
Mean (per travel Party)
$383.50
$195.69
$180.31
$126.27
$143.29
Mean (per person)
$174.32
$88.95
$81.96
$57.40
$65.18
Sample Size
182
527
278
128
660
ACTIVITIES IN HOLLYWOOD Dining in restaurants (61.2%), Sightseeing (55.9%), Shopping (54.4%) and the Hollywood Walk of Fame (52.9%) are the most popular activities of all respondents. Chart at right shows breakdown by specific area of origin. Dining in Restaurants
Los Angeles Southern County California
61.2%
General Sightseeing/ Photo Taking
55.9% 54.4%
Shopping See the Hollywood Walk of Fame
52.9% 46.6%
Visit Attraction(s)
38.5%
People-watching Visit Museum or Gallery
21.9%
Attend a TV Show Taping
18.1%
Go to bars/ nightlife activities
18.0%
Take a guided sightseeing tour
14.9%
Take pictures with/of costumed characters
11.5%
See a movie
10.6%
Attend a scheduled live performance
9.2%
Attend a festival or special event Visit a spa and/or health club
6.2% 1.3%
0%
20%
40%
60%
80%
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International
Dining in Restaurants
52.9%
61.3%
67.0%
61.2%
General Sightseeing/ Photo Taking
27.4%
42.3%
60.4%
73.1%
Shopping
40.9%
49.6%
56.3%
62.3%
See the Hollywood Walk of Fame
23.6%
35.8%
59.7%
69.9%
Visit Attraction(s)
19.2%
32.1%
48.3%
65.7%
People-watching
36.5%
38.0%
41.0%
38.0%
Visit Museum or Gallery
12.5%
19.0%
22.9%
27.4%
Attend a TV Show Taping
23.1%
19.0%
27.1%
8.2%
Go to bars/ nightlife activities
13.5%
20.4%
17.7%
19.8%
Take a guided sightseeing tour
1.0%
5.8%
17.0%
24.3%
Take pictures with/of costumed characters
3.4%
9.5%
13.5%
15.0%
See a movie
13.0%
12.4%
7.6%
10.8%
Attend a scheduled live performance
10.6%
12.4%
10.40%
6.3%
Attend a festival or special event
9.6%
9.5%
4.5%
4.5%
Visit a spa and/ or health club
0.5%
1.5%
1.7%
1.3%
Source: L.A. Tourism & Convention Board
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EXPECTATIONS OF HOLLYWOOD EXPERIENCE While the majority consider their Hollywood experience to have “met their expectations” (68.1%), over one fifth of visitors reports that their experience actually “exceeded their expectations” (21.7%)
Exceeded expectation
PHOTO KAYTE DEIOMA / CRA/LA HOLLYWOOD PHOTO BANK
VISITOR PLACE OF RESIDENCE In total, nearly 80 percent of visitors to Hollywood live outside Los Angeles County, including 37.5 percent who are international visitors. Among non-local visitors, the percent of International visitors is almost half (47%) clearly showing that Hollywood is a key factor in attracting International visitors to Los Angeles.
21.7%
RESIDENCE Met expectations
Question: Which of the following best describes where you live? Outside the United States
37.5%
Less than expected
10.2% 0%
Elsewhere in the United States
28.5%
Los Angeles County, outside of Hollywood Area
20% 40% 60% 80%
Source: L.A. Tourism & Convention Board
20.6%
Southern California, outside of Los Angeles County
13.5%
0%
10% 20% 30% 40%
Source: L.A. Tourism & Convention Board
Outside the United States
Los Angeles County
Southern California
Other Domestic
International
Exceeded Expectations
18.3%
22.1%
26.4%
20.0%
Met Expectations
75.0%
71.3%
64.1%
66.1%
Less Than Expected
6.7%
6.6%
9.5%
13.9%
Sample Size
208
136
284
375
www.MusiciansCU.org
47.1%
Elsewhere in the United States
35.8%
Southern California, outside of Los Angeles County
Serving musicians, entertainment guilds as well as the Hollywood community
17.0%
0%
20% 40% 60%
TOTAL TIME SPENT IN HOLLYWOOD AREA Putting the arrival and expected departure data together, a clear majority of Hollywood visitors (excluding hotel guests) expected to spend more than 4 hours in the area (65.2%). The average visitor expected to spend 5.2 hours in Hollywood.
Over 4 hours
65.2%
2 to 4 hours
34.9% 7.5%
817 N. Vine Street Hollywood CA 90038
1-800-393-3833 323-462-6447 or 323-462-6471 Fax 323-462-4411
T H E L AW OF F IC E S OF
DEREK S. YEE BUSINESS LAW
Time Spent in Hollywood (excluding Hollywood Hotel Guests)
Less than 2 hours
68.1%
Mean = 5.2
• Business Formations, Transactions and Litigation • Employment Law • Intellectual Property (Trademarks and Copyrights)
6464 W. Sunset Boulevard Penthouse Suite 1175 Los Angeles, CA 90028 PH: (323) 443-7888 • FX: (323) 443-7889 derekyee@dsylaw.com • www.dsylaw.com
Source: L.A. Tourism & Convention Board
0%
20% 40% 60% 80% H
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ILLUSTRATION BY SHIMAHARA ILLUSTRATION COURTESY OF KILROY REALTY CORPORATION
DEVELOPMENT HOLLYWOOD’S BOOM IS ATTRACTING MANY TO THE TECH OPPORTUNITIES AND URBAN LIFESTYLE
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ollywood has become one of the hottest development markets in Southern California. With more office space under construction than any place else in Los Angeles County, the entertainment industry is moving back to its historic roots. Thousands of new residential units are attracting young Millennials and tech savvy residents who want to live in an urban setting close to work and mass transit. Take a look at the business profile of Hollywood.
PRIVATE EMPLOYMENT IN HOLLYWOOD BY INDUSTRY, 2013 Hollywood Employment (000s)
Growth 2012-13 Hollywood (%)
Growth 2012-13 County (%)
Location Quotient (County = 1)*
Leisure and Hospitality
16.4
+2.0
+5.4
1.9
Health Care
13.7
+9.2
+37.7
1.2
Information
10.9
+2.2
+0.9
2.8
Retail Trade
7.4
-1.7
+1.5
0.9
Professional, Science, Tech, and Management
6.0
+1.0
+4.5
0.9
Education
3.2
-1.3
+2.6
1.5
Admin Support
2.7
-8.2
+4.8
0.5
Financial Services and Real Estate
2.2
+6.1
+0.2
0.5
Wholesale Trade
1.6
+5.8
+2.8
0.4
Transport/Warehouse
0.9
+3.7
+1.5
0.3
NR/Construction
0.7
+2.8
+6.0
0.3
Durable Goods
0.6
-7.3
+0.1
0.1
Total Private
71.4
+2.4
+3.0
—
INDUSTRY
Source: California Employment Development Department. * A higher Location Quotient indicates that employment in an industry is more concentrated in Hollywood than in Los Angeles County.
THE CAMDEN A PA RT M E N T H O M E S
OPENING 2016 TheCamdenLife.com
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PRIVATE SUBSECTORS IN HOLLYWOOD, 2013
PRIVATE SECTOR ANNUAL WAGES BY INDUSTRY, 2013
Employment (000s)
Employment Annual Growth (%)
Average Wage ($000s)
Food and Drinking Places
12.2
+0.9
19.8
Motion Picture and Sound
8.0
+2.6
Hospitals
7.0
Professional and Technical Services
5.4
Educational Services
3.2
-1.3
Nursing Facilities
3.1
Administrative Service
2.7
Membership Association and Organization
2.0
+6.9
42.0
Ambulatory Services
1.9
+2.8
47.8
SUBSECTOR
Performing Arts & Spectator Sports
1.8
INDUSTRY
Growth Growth Hollywood Average 2012-13 2012-13 vs. Wage Hollywood County County ($000s) (%) (%) (%)*
Information
127.8
-0.3
-2.2
129.3
126.2
Prof, Sci, Tech & Mgmt.
91.9
+2.0
-2.3
102.6
+11.6
73.3
Wholesale Trade
65.2
-3.4
-0.3
111.8
+1.5
94.4
Fin. Svcs. & Real Estate
59.1
-4.8
-0.3
67.7
Health Care
54.6
+3.6
-21.5
134.4
44.5
Education
44.5
-3.2
+1.0
87.7
-0.2
32.4
NR/Construction
40.2
+5.9
+0.4
68.3
-8.2
29.6
Durable Goods
35.9
+6.8
+0.3
59.9
Transport/ Warehouse
34.6
+3.0
+2.8
59.6
Retail Trade
31.9
+1.2
-0.2
99.6
Admin Support
29.6
-0.3
-1.4
81.1
Leisure & Hospitality
29.2
-3.6
-3.0
87.0
TOTAL PRIVATE
57.8
+0.3
-1.3
107.6
+6.9
91.8
Source: California Employment Development Department.
Source: California Employment Development Department. *This figure measures the sector’s average annual wage in Hollywood relative to the sector’s average annual wage in Los Angeles County
LeFRAK AND KENNEDY WILSON
INVESTED IN HOLLYWOOD
LeFrak and Kennedy Wilson have been close partners for many years, including in Hollywood. Together, in 2007, they purchased 7060 Hollywood Blvd. and fully renovated the property creating a beautiful new Class A office building. 7060 Hollywood won the BOMA Greater Los Angeles 2013 Outstanding Building of the year (TOBY) Award for commercial properties of 100,000 – 249,999 sq ft. The TOBY Awards Program has been identified as the most prestigious of its kind in the commercial real estate industry. This exemplifies the commitment this partnership has to Hollywood.
LeFrak is a preeminent, family-owned property company committed to community development and long-term ownership. These principles, consistently applied, have strengthened and deepened the expertise that supports the company’s real estate leadership for over a century. LeFrak entered the Los Angeles market beginning in 2007 and has invested in and continues to own a dozen substantial commercial and residential properties located in the Los Angeles area, including Koreatown, Hollywood, Beverly Hills and Malibu.
Founded in 1977, Kennedy Wilson is a vertically integrated global real estate investment and services company headquartered in Beverly Hills, CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and Japan. The company, on its own or with partners, invests opportunistically in a variety of real estate related investments, including commercial, multifamily, loan purchases and originations, residential, and hotels. Kennedy Wilson offers a comprehensive array of real estate services including investment management, property services, auction, conventional sales, brokerage and research.
To learn more about LeFrak, please visit lefrak.com.
For further information, please visit www.kennedywilson.com.
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H O L LY W O O D C H A M B E R . N E T
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DEVELOPMENT VACANCY RATE 16
35
40
34
39
33
38
32
37
31
36 Q2-10
Q2-11
Q2-12
Q2-13
Los Angeles County
Q2-14
Hollywood Region (Annual $ per SF.)
Los Angeles County (Annual $ per SF.)
OFFICE RENT Q1-09 TO Q3-14
Q2-09
Demographic information in this section was provided by Beacon Economics.
15 14 13 12 11 4 ‘13
Hollywood Region
1
2
3
4
1
‘14
2
3
4
‘15
HOLLYWOOD MULTI-FAMILY RESIDENTIAL PROJECTS. UNITS COMPLETED 2003-2015 2000
1823
1500
20.0
20.0 1000
15.0
0
Hollywood Region (%)
Los Angeles County (%)
500
15.0
188 2016
Currently (2016) there are 6,547 units in the pipeline. *Number of units under construction in 2016. This information provided by Hollywood Chamber of Commerce.
RETAIL 8.08.0VACANCY RATES Q1-09 TO Q3-14
8.08.0 6.06.0
6.0 6.0
6.0 6.0
Greater Hollywood Region (%) (%) Greater Hollywood Region Greater Hollywood Region (%) Greater Hollywood Region (%)
8.0 8.0
Los Angeles County (%) (%) Los Angeles County Los Angeles County (%) Los Angeles County (%)
8.0 8.0 6.06.0
4.04.0
4.04.0
4.0 4.0
4.0 4.0
2.02.0
2.02.0
2.0 2.0
2.0 2.0
0.00.0 Q1-09 Q1-09Q1-10 Q1-10 Q1-11 Q1-11 Q1-12 Q1-12 Q1-13 Q1-13 Q1-14 Q1-14 0.0 0.0
0.0 0.0
Los Los Angeles Angeles County Q1-09 Q1-10 Q1-10 Q1-11County Q1-12 Q1-09 Q1-11 Q1-12
Source: REIS
14 I
0.00.0
Hollywood Hollywood Region Region Q1-13 Q1-14 Q1-13 Q1-14
Los Angeles County Los Angeles County
H O L LY W O O D C H A M B E R O F C O M M E R C E
Hollywood Region Hollywood Region
H
100 100 75 75 7575 50 50
50 50 25 25 2525 0 0 00
2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 20112011 20122012 20132013 20142014
20062007 20072008 2008 20092010 2010 2011 2011 20122013 20132014 2014 2006 2009 2012 Residential Residential Non-Residential Non-Residential
Residential Non-Residential Source: Los Angeles City Department of Building and Safety. Note: Fiscal Year 2005-06 to FY2013-14 Residential Non-Residential
RETAIL RENT Q1-09 TO Q3-14 32 32
42 42
Hollywood Region (Annual $ per$ SF.) Hollywood Region (Annual per SF.) Hollywood Region (Annual $ per SF.) Hollywood Region (Annual $ per SF.)
Source: California Employment Development Department JOBS GAINED/LOST 500 1,000 1,000 1,500 1,5002,000 2,0002,500 2,500 JOBS GAINED/LOST 00 500
125125 125 125 100100 $ Million $ Million $ Million $ Million
2,474 2,474 Leisure Leisure andand Hospitality Hospitality 1,9185.0 1,918 Health Health Care Care 5.0 2,474 Leisure and Hospitality 2,474 Leisure and Hospitality 997 997 Prof, Prof, Sci, Sci, Tech, Tech, and and Mgmt Mgmt 1,918 Health Care Q1-09 Health Q1-10 Q1-11 Q1-12 Q1-13 Q1-14 1,918 Care 662 662 Information Information 997 Prof, Sci, Tech, and Mgmt 997 Prof, Sci, Tech, and Mgmt Los Angeles Hollywood Region 410 410 Wholesale Wholesale Trade Trade County 662 Information 662 Information 384 384 Admin Admin Support Support 410 Wholesale Trade 410 Wholesale Trade 381 381 Other Other Services Services 384 384 Admin Support Admin Support 332 Retail Retail Trade Trade 332 381 Other Services 381 Other Services 216 216 Education Education 332 Retail Trade 332 Retail Trade 141 Transport/Warehouse Transport/Warehouse 216 Education 141 216 Education 70 NR/Construction NR/Construction Transport/Warehouse 70 141141 Transport/Warehouse 32 Non-Durable Non-Durable Goods Goods32 NR/Construction 7070 NR/Construction 26 26 Fin.Fin. Svcs. Svcs. and and Real Real Estate Estate Non-Durable Goods 3232 Non-Durable Goods Fin. Svcs. and Real Estate 2626 Fin. Svcs. and Real Estate JOBS JOBS GAINED/LOST GAINED/LOST 0 0 5005001,000 1,0001,500 1,500 2,000 2,000 2,500 2,500
BUILDING PERMIT VALUES IN HOLLYWOOD
Los Angeles County (Annual $ per$ SF.) Los Angeles County (Annual per SF.) Los Angeles County (Annual $ per SF.) Los Angeles County (Annual $ per SF.)
10.0
10.0 EMPLOYMENT CHANGE, HOLLYWOOD, 2010-2013
3232
4242
31 31
41 41
3131
4141
30 30
40 40
3030
40 40
29 29
39 39
2929
3939
28 28 38 38 Q2-09Q2-10 Q2-10 Q2-11 Q2-11 Q2-12 Q2-12 Q2-13 Q2-13Q2-14 Q2-14 3838 2828Q2-09
Source: REIS
Los Los Angeles Angeles County County Hollywood Hollywood Region Region Q2-09 Q2-10 Q2-10 Q2-11 Q2-12 Q2-13 Q2-13 Q2-14 Q2-09 Q2-11 Q2-12 Q2-14 Los Angeles County Los Angeles County
2 0 1 6 -201 7 H O L LY W O O D C O M M U N I T Y & B U S I N E S S P R O F I L E
Hollywood Region Hollywood Region
HOLLYWOOD TOP EMPLOYERS COMPANY Kaiser Permanente Hospital
ADDRESS
BUSINESS TYPE
# OF EMPLOYEES
4747 Sunset Blvd. Hollywood, CA 90027
Hospital
6,000
Universal Studios, Inc.
100 Universal City Plaza Universal City, CA 91608
Motion Picture Studio
5,000
*Paramount Pictures
5555 Melrose Ave. Hollywood, CA 90027
Motion Picture Studio
5,000
Children’s Hospital of Los Angeles
4650 Sunset Blvd. Hollywood, CA 90027
Hospital
4,994
*Sunset Gower/Sunset Bronson Studio
1430 N. Gower, Box 21, Hollywood, CA 90028
Motion Picture & TV Studio
2,500
Los Angeles City College
855 N. Vermont Ave. Los Angeles, CA 90029
Community College
1,418
Hollywood Presbyterian Medical Center
1300 N. Vermont Ave. Hollywood, CA 90027
Hospital
1,200
Live Nation
7060 Hollywood Blvd. Hollywood, CA 90028
Music Event Production
1,000
j2 Global, Inc.
6922 Hollywood Blvd. Hollywood, CA 90028
Internet Business
860
*The Prospect Studios
4151 Prospect Ave. Los Angeles, CA 90027
Television Studios
850
CBS Television City
7800 Beverly Blvd. Los Angeles, CA 90036
Television & Radio
700
6333 W. 3rd Street Hollywood, CA 90036
Retail
600
6922 Hollywood Blvd. Hollywood, CA 90028
Advertising Agency
556
W Hotel
6250 Hollywood Blvd. Hollywood, CA 90028
Hotel
400
Roosevelt Hotel
7000 Hollywood Blvd. Hollywood, CA 90028
Hotel
399
Loews Hollywood Hotel
1755 N. Highland Ave. Hollywood, CA 90028
Hotel
385
6040 Sunset Blvd. Hollywood, CA 90028
Film & TV Production
375
1750 Vine St. Hollywood, CA 90028
Record Company
320
The Original Farmers Market Trailer Park
Technicolor Capitol Records Southern California Hospital at Hollywood
6245 DeLongre Ave. Hollywood, CA 90028
Hospital
270
Home Depot
5600 Sunset Blvd. Hollywood, CA 90028
Retail
250
KTLA
5800 Sunset Blvd. Hollywood, CA 90028
Television
250
6400 Sunset Blvd. Los Angeles, CA 90028
Record, Tapes, CDs
242
Amoeba Music
* Includes employees, clients, and tenants housed on-site and seasonal variations in employment.
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