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The Hollywood Partnership released its 2020 Annual and Quarter 4 Market Report, which presents data and information about the greater Hollywood area market and the smaller Hollywood Entertainment District area.
The report closes out the first year of the Hollywood Partnership’s newly launched Advocacy & Economic Development program and is the fourth report issued by the organization. While 2020 was a most unusual year, these benchmarks will reveal the trajectory of the market as the community advances through the COVID-19 pandemic and ultimately towards economic recovery, the organization said.
Despite the difficulties faced by businesses across the globe, there were some notable impacts that affected Hollywood and its immediate future, the report found. Construction in Los Angeles was able to continue throughout the pandemic, which was not the case within many U.S. cities. Keeping construction moving forward allowed for the supply side to gain a step in its dogged pursuit of demand. In Hollywood alone, 26 projects are under construction.
In addition, the release of the draft Hollywood Community Plan Update and its sister zoning overlay represented a critical step in the right direction for enabling a sound regulatory framework for development, according to the Hollywood Partnership. The HCPU would modernize Hollywood’s decades-old zoning and contested, discretionary approval-dependent entitlement processes, which have enabled protracted litigation.
Although COVID-19 continues to present challenges, Hollywood’s residential market held steady. There was remarkably no decline in the asking average rental rates from Q3 to Q4. Comparatively, New York City, whose expensive rental housing market has been driven by office workers and the wealthy, now reports dramatic rent reductions as the suburbs became synonymous with “safety,” the report found.
The hotel, tourism and the storefront economy sector continues to be battered by the pandemic. The report addresses the impact of COVID-19 on the economy, but also highlights trends that have emerged during the economic downturn, such as the rise of ghost kitchens, and hopeful news about innovations to hasten the recovery. Despite the gloom that rocked retail and dining industry nationally, Hollywood welcomed 10 new businesses.
“There is no doubt that 2020 was an unprecedented year that rocked the global economy,” said Davon Barbour, vice president for advocacy and economic development. “Although the welcomed news of working COVID-19 vaccines has boosted economic outlook, all business sectors will continually adapt to accelerate recovery.”
“By aggregating nearly two dozen credible sources on market-based conditions relative to the Hollywood neighborhood, the reports provide a simple, go-to resource for information about the vitality of our community,” added Kris Larson, president and CEO of the Hollywood Partnership. “Moreover, thanks to the depth of our research efforts, this type of information is also critical to understanding our path to recovery.”
For information, visit ctycms.com/ca-hollywood/docs/210129_hp_q4ap_fullreport_final_digital_compressed.pdf and hollywoodpartnership.com.
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