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Hollywood saw growth in the first quarter of 2021 as the rental industry boomed, tourists returned and local businesses reopened their doors. On April 30, the Hollywood Partnership released its 2021 Quarter 1 Market Report, presenting data and information about the greater Hollywood area market and its commercial core, the Hollywood Entertainment District area, where more than $2.1 billion of new investment is either under construction or entitled.
Notable trends featured in the report include a 61% increase in pedestrian counts from January to March along the Hollywood Walk of Fame, which the partnership cited as evidence of a rise in traveler confidence. Overall, pedestrian activity throughout the HED has rebounded to 56% of pre-pandemic norms, the report found.
Hollywood’s hospitality market demonstrated positive signs of recovery as travel restrictions eased throughout the state. Hotel occupancy was up 22% in the first quarter as compared to the fourth quarter of 2020.
With a vacancy rate reduced to 10.4%, demand for Hollywood living continues to climb. On the construction side, the Hollywood Arts Collective, a 151-unit project of the Actors Fund, broke ground earlier this year. In total, approximately 700 residential units are expected to be completed by the end of 2021.
In the first quarter 2021, Hollywood welcomed four new retail businesses, most notably a Target at 7021 Hollywood Blvd., and celebrated the reopening of local retailer Amoeba Music in their new home at 6200 Hollywood Blvd.
“While the global pandemic was challenging for all sectors in the Hollywood market, a new day has dawned, and many businesses are ramping up for a busy summer,” said Davon Barbour, the partnership’s vice president for advocacy and economic development. “As more and more folks become vaccinated and feel safe venturing back out into the public realm, our businesses stand ready to provide the experiences and essentials in Hollywood that people have missed over the past 13 months and are eager to return to this summer.”
“We are encouraged by the steady signs of progress showcased in our Q1 2021 Report,” added
Kristopher Larson, president and CEO of the Hollywood Partnership. “As an organization, we are thrilled to be able to aggregate dozens of sources of data to paint a timely, accurate and comprehensive picture of the economy and the market’s rebound as we move through this next phase of the pandemic. The easing of restrictions and return to life on the boulevard are encouraging signs of better days to come.”
To download the full report, visit ctycms.com/ca-hollywood/docs/210430_hp_q121_final2.pdf. For information, visit hollywoodpartnership.com.
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