2024 Market Report
Fourth Quarter Performance

Fourth Quarter Performance
The Hollywood Partnership (THP) is a non-profit organization that manages the public realm within the Hollywood Entertainment District (HED), which is a Property Based Business Improvement District (PBID). Simply, this means that the organization is funded by property owners within the district to provide enhanced services to promote the cleanliness, safety, beautification, and economic vitality of our neighborhood.
As we enter 2025, we take pride in Hollywood’s resilience and the strength of our community. While the Hollywood Entertainment District (HED) was largely unaffected by the recent California wildfires, The Hollywood Partnership (THP) remains committed to supporting impacted communities throughout the region. Through initiatives such as Levi’s two-day LA Benefit Shop in collaboration with Ovation, and providing emergency resources on our website, we continue to aid recovery efforts. We extend our gratitude to the frontline responders and dedicated individuals working behind the scenes to support those in need.
Our Q4 2024 Market Report highlights Hollywood’s evolving landscape, balancing tradition with innovation while reinforcing community adaptability. Key developments this year included the sale of Jim Henson’s studio, which is transitioning into a recording facility; Bardas Investment Group's Ecehlon Studios Hollywood moving forward; Pink’s Hot Dogs celebrating its 85th anniversary; and NeueHouse marking a decade as a creative hub. As Hollywood continues to be a center for creativity, THP remains actively engaged in monitoring film tax legislation and industry policies to support the entertainment sector.
Hollywood remains a vibrant hub for residents and visitors alike, rich in history and artistic
expression. The planned development of over 4,000 new housing units reflects the district’s rapid growth, with residential asking rents averaging 19% higher than the citywide average. Of these new units, 12% will be designated as affordable housing, further contributing to Hollywood’s evolving residential landscape. However, planned projects face obstacles, including a reduced construction workforce (redirected to wildfire rebuilding), potential federal deportation of workers, tariffs on construction materials, and rising insurance costs.
Hollywood’s visitor economy remains strong, with 9.3 million domestic visitors in Q4, contributing to 37 million annual visits. Halloween 2024 saw a 27% increase in attendance, demonstrating the district’s energetic atmosphere. LA Fashion Week, live performances, and Broadway productions drew crowds throughout the quarter. To enhance accessibility to Hollywood’s diverse events, THP launched the Hollywood Happenings Event Calendar, providing a centralized guide to the district’s entertainment scene.
The business landscape continues to expand, with over 35 new businesses opening in 2024, including Toastique Sunset, Written Hand at Everly Bar, and Hollywood VOLUME. Additionally, six businesses will undergo
renovations through the City of LA’s JEDI Zone façade improvement grants, contributing to the district’s revitalization.
THP remains committed to beautification and public space enhancement, demonstrated by the trimming of 600 trees in Q4 and the successful restoration of the fourth canary palm at Hollywood & Vine, preserving an iconic landmark.
A clean, safe, and welcoming environment is fundamental to Hollywood’s success. In 2024, THP Ambassadors conducted over 377,000 interactions, a 67% increase from the previous year, while maintaining an average response time of just ten minutes.
As we look ahead, THP remains dedicated to fostering a thriving Hollywood for all. We appreciate your continued support and invite you to explore the Q4 2024 Market Report for deeper insights into Hollywood’s progress and opportunities.
Kathleen Rawson President & CEO
55,662
Hollywood ended 2024 on a high note, welcoming 9.3 million visitors in Q4 and 37 million annually. Halloween remained a standout, with 138K visitors on October 31st—up 17% from 2023—and a 14% increase in Walk of Fame visits.
Q4 also featured LA Fashion Week, the Hollywood PAL Toy Drive, Ovation’s Holiday Experience, the Hollywood Christmas Parade, and Frosty’s Christmas Bar, along with top-tier comedy, music, and Broadway performances.
With rising attendance and a packed event calendar, Hollywood continues to shine as a premier entertainment destination.
To showcase Hollywood’s vibrant entertainment scene, THP launched the Hollywood Happenings Event Calendar, a one-stop digital hub for events across the district. From Broadway shows and live concerts to community festivals and exciting pop-ups, the calendar keeps locals and visitors connected to the best of Hollywood.
THP staff curates listings and invites event organizers to submit their happenings, making it easy to reach thousands of potential attendees. Whether you're a resident, visitor, or business owner, check in regularly to discover new events, plan memorable outings, and experience Hollywood’s dynamic energy.
In November, THP and HPCT convened local leaders, business owners, and community members for the 2024 Annual Meeting, reflecting on key achievements and setting priorities for Hollywood’s future.
The event highlighted THP’s work in public space management, safety, economic development, and advocacy. Speakers, including Councilmember Hugo Soto-Martínez, State Senator Ben Allen, and LAPD Chief Jim McDonnell, shared updates on the Access to Hollywood project, public safety efforts, and economic growth strategies. Discussions also focused on Hollywood’s preparations for the 2026 FIFA World Cup and the 2028 Olympics, as the district is set to be a key destination for thousands of visitors during these global events.
THP remains committed to creating a vibrant, safe, and thriving Hollywood, ensuring the district is well-positioned to welcome the world while continuing to serve residents, businesses, and visitors year-round.
A clean, safe, and welcoming environment is vital to Hollywood’s success. In its second year, THP’s Ambassador Program continued its strong momentum, with over 377,000 interactions in 2024—a 67% year-over-year increase—while maintaining a swift 10-minute average response time.
The Hollywood Partnership Community Dispatch Center (HPCDC), alongside initiatives like the SafeCity Connect Hollywood Camera Network, Service Coordination Network, and Public Safety Network, leverages technology and collaboration to enhance public safety, support law enforcement, and connect stakeholders. These efforts not only improve daily experiences for residents, workers, and visitors but also ensure Hollywood is well-prepared for the global spotlight.
At its heart, Hollywood is a mecca for creativity and storytelling. Buoyed by a robust entertainment production ecosystem and brandishing a priceless name representing a neighborhood and an industry, Hollywood combines the best of laid-back Southern California culture with dedicated work, creative energy, and drive. While the community is home to a substantial share of entertainment production jobs consistent with its global brand, Hollywood features a diverse employment base. Other major employment clusters include information and technology firms, healthcare, personal and professional services, and abundant retail and food & beverage industry jobs. Regarding employment types, 71% are White Collar, 19.7% are Services, and 10% are Blue Collar. That diversity of employment translates directly to the diversity of the workforce, which is always on display throughout the neighborhood.
46,139
32,274
EMPLOYEE RACE + ETHNICITY
5,700,000
$90,000
Hollywood is home to various employment sectors, lending economic resilience to the area.
In 2024, there were 5.7 million annual nonresident employee visits to the HED, surpassing 2023 (5.5 million) and 2022 (4.7 million). This increase indicates a positive trend of the workforce returning to the district postpandemic. In Q4 2024, employee visits to the HED totaled 1,375,447, reflecting a modest 2.8% decrease from Q4 2023. This figure remains below the pre-pandemic Q4 average of 1,767,461, resulting in a 78% recovery rate. Compared to Q4 2019, the current visit numbers indicate a 74% recovery. From Q1 to Q2 2024, return-to-work levels approached 2019 figures, while Q3 and Q4 2024 levels lag, potentially signifying a new normal with increased remote work during the summer and winter holidays.
Source: Placer.ai, ESRI
The availability of U.S. office space has reached an all-time high, surpassing 1B SF for the first time, while new office construction has dropped to its lowest level in a decade. This trend is largely driven by the rise of hybrid work (27% adoption nationally), along with caution around new leasing, elevated construction costs, challenging market fundamentals, and high capital costs. The national office vacancy rate now stands at 20.9%. In Los Angeles, factors such as tenant downsizing and the lingering effects of industry strikes have pushed office vacancies even higher, with an overall vacancy rate of 25%.
Some submarkets show even more pronounced vacancies, with rates of 32% in DTLA and 29% in Mid-Wilshire. Reflecting this broader trend, Hollywood’s vacancy rate has reached 24.6%, on par with the citywide average and comparable to the Westside’s 23.1%. On a positive note, Hollywood’s leasing activity showed momentum in Q4 2024, with 16,356 SF leased, contributing to a total of 241,027 SF for the year. Year-overyear Class A office asking rents have increased by 3% in Hollywood and citywide, though Hollywood rates remain at a premium ($4.45 in Hollywood compared to $3.85 citywide).
Overall Asking Rents (PSF/monthly)
Class A Asking Rents (PSF/monthly)
Overall Vacancy Rate
+0.2% QoQ (+1.1% Citywide)
NET ABSORPTION: Q4 2024
Class A Vacancy Rate
$4.45
No Change YoY (+2.5% YoY Citywide)
Compared to $3.59 Citywide
+0.4% QoQ (+1.6% QoQ Citywide)
+3.1% YoY (+3.6% YoY Citywide)
Compared to $3.85 Citywide
+0.1% QoQ (+0.1% Citywide)
-0.3% YoY (+1.0% Citywide)
Compared to 24.9% Citywide
+0.12% QoQ (+0.1% Citywide)
+1.6% YoY (+1.0% Citywide)
Compared to 27.1% Citywide $4.41
1
1,769,533 2,462,328
The cranes in the sky reflect the construction underway at Echelon Studios Hollywood, which broke ground in Q1 2024, with an anticipated delivery in Q2 2026. The 610,000 SF project will feature integrated creative space and production studios to create a full-service studio lot. The dynamic studio design showcases a series of elevated bungalows stacked above the base camp, with sweeping views of the Hollywood Hills.
$40M Sale of Jim Henson Studio Lot
1416 La Brea Ave
John Mayer and movie director McG (Joseph McGinty Nichol) have agreed to buy the Jim Henson Company Lot, a legendary studio in Hollywood founded by Charlie Chaplin. Mayer occupies an office on the lot. The timing of the sale's closing is unclear, and there have been no announcement of the buyers’ plans for the property, which has a history as a movie and television studio but functions now primarily for music recording. The Henson family announced its intention to sell as part of their plan to have Burbank-based Jim Henson Co. operate under one roof.
Celebrating 10 Years of NeueHouse Hollywood
6121 Sunset Blvd
Hollywood’s NeueHouse launched in 2016 (pronounced noy-ah-house, meaning “house of new”) as a place for independent creatives and companies to work from, interact with colleagues, and hold meetings. In 2024, the Hollywood location unveiled two additional studio suites with state-of-the-art amenities. To mark its 10th anniversary, the brand has planned a yearlong series of events and member spotlights, including a Masters of Craft series celebrating artisans and culinary pop-up nights. NeueHouse Hollywood also hosts film premieres, awards parties, film festivals, television premiere parties, music series, and more.
Universal Music Group, the owner of Capitol Music Group, has acquired two adjacent parking lots totaling 27,000 SF near one of Hollywood’s busiest intersections for $30 million—approximately $1,107 per square foot. The purchase was made from Millennium Partners, who had previously withdrawn their plans for the Hollywood Center development. Capitol Records currently utilizes the Argyle and Vine lots for public parking. Universal Music's plans for the lots remain unclear..
Few places carry the same immediate name recognition or intrigue as Hollywood, attracting a diverse mix of people from all over the globe to live and work in the world’s creative capital. With its central location, modern amenities, and walkable scale as the “most walkable neighborhood” in Los Angeles, Hollywood’s distinctive character continues to attract modern-day creatives.
The Hollywood population is primarily renters, has a median age of 35.1, is upwardly mobile, with 54% having a bachelor’s degree or higher and with an average household income of $58,782. Hollywood residents are more likely to take transit, walk, or work from home compared to citywide averages. As a result, there is high demand for living in Hollywood, particularly in the HED.
35.1
$58,782
30,827
21,863
Hollywood’s residential population includes a diverse mix of people from all age groups and generations, with millennials being the most well-represented group. It is worth noting that figures indicate that residents desire to remain in their current homes for the next five years.
Source: ESRI Community Analyst
7,638 $2,796 9.9% 48,073 $2,320 7.1%
509,738 $2,260 5.9%
Avg. Residential Vacancy Rate (%)
Avg. Asking Rent Per Square Foot
Avg. Asking Rental Rate Per Unit
Cap Rate (YTD)
While multifamily residential vacancy rates in the HED and in Hollywood are higher than in Los Angeles, they often spike in correlation with an increase in deliveries. For example, the 4% increase in total units in the HED in Q4 2024 also bumped up vacancy levels from 6.8% in Q3 to 9.9% in Q4. The 2024 annual average vacancy rate in the HED was 7.5%.
HED Gr. Hollywood City of LA
Over the past decade and a half, the HED’s annual population has increased more than regional rates. Hollywood's longitudinal upward trend in residential population continues to support the growing demand for multifamily residential options. Over the past decade, the HED has experienced a notable increase in its residential population, with a 17.0% increase since 2010, significantly higher than the 5.8%
growth observed citywide. The district witnessed a 6.0% increase in its resident population between 2020 and 2024 alone, while the citywide growth rate essentially stayed the same (+0.9%). Since 2000, occupied housing units have increased 12% citywide and by more than double that (30%) in the HED. In the past four years (2020-2024), occupied housing units have increased 10% in the HED and just 1% citywide.
Source: ESRI Community Analyst
The HED offers a broad mix of housing options, including micro workforce units, middle-income housing, co-living spaces, affordable units, market-rate options, and artist-collective housing. With 96% of HED residents renting, this range of choices is essential to meeting diverse needs. Reflecting increased demand, the number of occupied housing units in the HED rose by 29% from 2010 to 2024, including a 10% increase in the past four years alone.
Currently, 46 residential projects are entitled or under construction across Greater Hollywood, with 16 of those located within the HED. The district accounts for 56.5% (4,012 units) of the approximately 7,103 residential units under development in Greater Hollywood, highlighting both it's high density and rapid population growth. Of the 4,211 residential units planned, entitled, or under construction within the HED, 12% (484 units) are designated as affordable housing. Looking specifically at projects now seeking entitlement, 12% (83 units) of proposed units in the HED and 35% (1,150 units) in Greater Hollywood are slated for affordable housing. Despite challenges in the office market, both locally and nationally, Hollywood’s residential market remains strong and in demand.
4,012
Market Rate (69%)
Affordable (31%)
Market Rate (85%)
Affordable (15%)
Market Rate (54%)
Under Construction
Affordable (46%)
Modera Argyle (6220 Selma Ave) is a midrise community featuring 276 luxury apartments, including studio, one-, two-, and three-bedroom layouts, with an average size of 750 SF and penthouse options. Apartments boast large mirrors, keyless entry, smart thermostats, full-size washers and dryers, nine-foot ceilings, and wood-style plank flooring. Select units offer private wrap balconies and spa-like bathrooms. Community amenities include a resort-style rooftop pool, outdoor courtyard with grilling areas, firepits, and a rooftop deck with Hollywood views. Additional features are landscaped courtyards, a HIIT fitness studio, outdoor workout spaces, rooftop clubroom, demonstration kitchen, shuffleboard and ping pong lounge, lawn games, coworking space, private conference room, pet spa, and 24/7 package lockers. In Summer 2025, the 25,000 SF grocery retail space will be home to Bristol Farms Market, featuring the chain's only Speakeasy.
SALES
Greater Hollywood HED
La Belle at Hollywood Tower
6138 Franklin Ave, 146 units (Purchased for $52 Million by Friedkin Property Group)
1749 Las Palmas Ave.
(David Bolour, Las Palmas Realty Management, LLC), 7-story, 89-units
5750 Hollywood Blvd, 161 units (Purchased for $55 Million by Lighthouse Group)
1950 Tamarind Ave, 112 units (Purchased for $35 Million by Cityview)
HED HED
Sunset Vine
6266 Sunset Blvd., (SaresRegis Group), Approved by LA City Planning Commission
Artisan Hollywood
6350 Selma Ave., (Artisan Ventures), Approved by City Council rejecting an appeal
Greater Hollywood
Affordable Housing at 7770 Hollywood Blvd
(Approved by City of LA Planning Dept.)
6000 Hollywood Blvd
Draft environmental impact report released by the City of LA
Greater Hollywood
Lex II
5806 Lexington Ave. (Bittoni Architects & Category Company)
Modera Argyle
1546 Argyle Ave. (Millcreek Residential Trust)
For decades, Hollywood has brought joy to so many through the magic of its bedrock roots in entertainment. The neighborhood’s unique blend of creativity and commerce continues to offer one-of-akind experiences for both visitors and residents. While constantly on the cutting edge, Hollywood retains a timeless glamor that permeates
our hotels, restaurants, and attractions. Those who visit Hollywood hail from nearby California cities and faraway countries, as this neighborhood’s many hotels and entertainment destinations appeal to all walks of life.
Pre-Pandemic average represents the annual average of visits from 2017-2019.
In Q4 2024, Greater Hollywood’s hotel market experienced a 74.6% occupancy rate, a $234.39 average daily rate (ADR), and a $174.84 revenue per available room (RevPAR). Over time, the ADR for hotels in Hollywood has consistently remained higher than the citywide averages. Occupancy rates are steady compared to Q4 2023, though still down 5.6% compared to Q4 2019. Increasing the number of visitors to Hollywood will be critical in reversing this trend.
There are 7 active hotel projects underway or approved in Greater Hollywood, collectively poised to introduce 1,187 hotel rooms to the region. Among these developments, 4 projects are exclusively dedicated to hotel accommodations, while 3 are integral components of mixed-use development projects. Notably, the HED accounts for 5 of the 7 projects with hotel rooms. The national landscape of hotel construction is witnessing a contraction, characterized by a growing number of projects lingering in the planning phase. Hollywood has 2 inactive hotel projects that are entitled, but the project is no
longer being pursued, such as the Palmer Hotel and the Schrader Hotel. Other projects have been placed on hold, such as the La Brea Hotel, 1415 Cahuenga, and 1909-1915 Highland Ave. However, there have been instances of respite in Hollywood, such as the Whitley Hotel project at 1719 Whitley Ave. that survived an appeal in July 2024 and updated its project findings and entitlements. Also, earlier this year, The Aster and The Prospect Hollywood each received a one-key hotel rating from the MICHELIN Guide. In this first-ever announcement by MICHELIN, two of the seven hotels honored in Los Angeles were in Hollywood.
Hollywood’s retail market plays a crucial role in the neighborhood's vibrancy. It offers a vast inventory of 7.2 million SF of retail space, half of it (3.5 million SF) located in the HED. Currently, the HED has approximately 545K SF of available retail space and an average
asking rent of $40.74 per SF in Q4. Q4 2024 District rents in the HED have decreased by 3.3% compared to Q4 2023, generally remaining stable for the past five quarters.
Hollywood VOLUME ( Formerly Tommie Hotel)
Written Hand at Ever Bar (inside the Kimpton Everly Hollywood)
Bahia Hollywood
Toastique Sunset
Life is Sweet Hollywood (Formerly Snow White Cafe)
6516 Selma Ave
1800 Argyle Ave
6506 Hollywood Blvd
6255 Sunset Blvd
6769 Hollywood Blvd
Source: CoStar Group,
Seasoning Alley
Color Coat Beauty Boutique
Player One VR World
La Nena - Coming Soon
Bristol Farms - Coming Soon
La Popular - Coming Soon
6801 Hollywood Blvd, Ste 309
6775 Selma Ave, Ste 103
6801 Hollywood Blvd
6801 Hollywood Blvd
6121 Sunset Blvd
6220 Selma Ave
6801 Hollywood Blvd
The Q4 2024 retail vacancy rate in the HED decreased by 2% from last quarter (12.6% to 10.6%), with a YTD positive net absorption of 72,263 SF. Retail vacancies in the HED have been rising since 2019. The annual average vacancy rates were 2.0% in 2019, 4.1% in 2020, 6.4% in 2021, 8.6% in 2022, 8.8% in 2023, and 11.3% in 2024.
Gr. Hollywood City of LA
Mixed-use development is the gold standard in Hollywood. Currently, 35 projects entitled or under construction include a retail component. In the HED, this equates to 20 projects with 278K new SF of retail via the mixed-use projects entitled or under construction.
25
10
17
3
17
3
35+ NEW HED BUSINESSES & POP-UPS IN 2024
Cava
Bao Bao House
Doner Turco
The Spotlight
Caffe Hub
Mars Hollywood
Status Restaurant & Lounge
Iki Nori Sushi Handroll Bar
Pink Teacup Villa
Soigne
Kurosh Persian Grill
Burlington
Jungle Hollywood
The Kookaburra Lounge
Nivessa Hollywood Vinyl Records
Ru Paul's World of Wonder Re-opening
Bread N Butter
6200 Sunset Blvd
6801 Hollywood Blvd
6323 Hollywood Blvd
1601 Cahuenga Blvd
6371 Selma Ave
1545 Wilcox Ave
1612 Cahuenga Blvd
6464 Sunset Blvd
1542 Cahuenga Blvd
5960 Sunset Blvd
6655 Hollywood Blvd
1557 Vine St
1640 Cahuenga Blvd
6801 Hollywood Blvd
6434 Hollywood Blvd
6650 Hollywood Blvd
5911 Hollywood Blvd
The Win-Dow Burgers
Laya Restaurant
The Palm & The Pine
Korheim Korean Beauty
Be Unique Shoes Boutique
Prince St Pizza Pop-up Drive-Through
Chicken Guy! by Guy Fieri
Wake and Late
Rokusho LA
Hang on to the Dream Theatre
Brownstone
Madame Tussaud’s Rooftop Restaurant
Hollywood VOLUME
Toastique Sunset
Bahia Hollywood
Player One VR World
Color Coat Beauty Boutique
Life is Sweet Candy Shop
Bopomofo
Written Hand at Ever Bar
6801 Hollywood Blvd
1430 N Cahuenga Blvd
1624 Cahuenga Blvd
6801 Hollywood Blvd
6370 Hollywood Blvd
5920 Sunset Blvd
6201 Hollywood Blvd
6334 Selma Ave
6634 Sunset Blvd
1625 Las Palmas Ave
1615 Cahuenga Blvd
6933 Hollywood Blvd
Formerly Tommie Hotel
6255 Sunset Blvd
6506 Hollywood Blvd
6801 Hollywood Blvd
6775 Selma Ave
6769 Hollywood Blvd
6801 Hollywood Blvd
1800 Argyle Ave
Pink’s Hot Dogs, the iconic Hollywood hot dog stand, started in 1939 with a pushcart and a dream and has grown into a beloved destination frequented by Angelenos and visitors worldwide. Richard Pink, co-owner of Pink’s Hot Dogs, stated, “We are incredibly grateful to have reached this historic milestone; it’s really the little hot dog stand that could.” Pink’s has become a legendary part of LA’s culinary and pop culture landscape and remains a family-run business with eight locations, including the original stand in Hollywood. Its iconic status has attracted numerous celebrities over the years, and Pink’s wall of fame includes over 200 photos of stars who have dined at the famed hot dog stand.
Sweetgreen announced its commitment to Food Access LA, the non-profit organization behind eight Los Angeles farmers markets including the Hollywood Farmer’s Market. With LA’s beloved farmers markets at risk of closure, Sweetgreen’s support helps ensure all eight markets will remain open, covering operating costs through 2025, preserving a vital connection between local growers and the Los Angeles community. Keeping the markets open also helps independent restaurants that source fresh produce, truly making it a community investment.
The Hollywood Partnership tracks upcoming development regularly to keep you apprised of the latest projects planned or under construction in the HED and Greater Hollywood. Explore our Development Map, or check out our Development Matrix for a quick glimpse.
Click Here
To Explore Our Development Map
Click Here
To View Our Development Matrix
*The Hollywood Partnership tracks development projects that are proposed, fully entitled, and under construction. Information included here reflects the status of each project as of the current quarter, and The Hollywood Partnership makes no representations as to the likelihood of completion for any individual project in light of market conditions.
6922 Hollywood Blvd., Ste. 925 Hollywood, CA 90028
323.463.6767
info@hollywoodpartnership.com
hollywoodpartnership.com