Jobs and Tenants Move to Hollywood and Playa Vista

At our November LACRA meeting, we discussed the tenant demand moving to Hollywood and Playa Vista. Hollywood is capturing the entertainment and media companies, while Playa Vista is attracting entertainment, advertising and technology. Both markets had a lot of brand new creative office space available and are attractive locations for Millennials to live. Firms like Netflix, Viacom, Chainsaw and Buzzfeed expanded or located to Hollywood, while Honest Company, Imax, and Yahoo are moving to Playa. Downtown has started to see some successful creative office developments but has not yet attracted large creative office users. Many still think it is just a matter of time. Many large tenants moved from Santa Monica due to the lack of available space and steep price tags. Santa Monica landlords will need to get their deal making hats on to fill 1.3 million of available space. Landlords continue to push the face rate and keep free rent concessions.  El Segundo has also reinvented itself as a creative office location and attracts Manhattan Beach denizens.  Los Angeles has a number of hot sub markets: Hollywood, Playa, Downtown, El Segundo.     Therefore, companies are more willing than ever to pack their bags and move to find the right space at the right price if necessary in one of these new sub-markets.

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