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Hollywood’s population is growing substantially, and along with the growing population has come a change in demographics and an overall revitalization of the market. Entertainment company expansion have been an integral part of this growth, according to a recent survey from the Hollywood Chamber of Commerce. Both large lease deals as well as smaller media companies and young entrepreneurs have created a dynamic office market that has helped to fuel growth in other asset classes.

“Driving continued interest in Hollywood is the massive growth of key companies such as Netflix, Viacom, QuiBi and others who want to be located near these production giants,” Leron Gubler, president and CEO of the Hollywood Chamber of Commerce, tells GlobeSt.com. “Hollywood has also seen a proliferation of the co-working businesses with three WeWork locations, Neuehouse, Serendipity Labs, Sandhouse and Ignited Spaces among those with a significant footprint in Hollywood, which are launch pads for the next generation of companies. This will continue to fuel new business growth and entrepreneurship in the heart of Hollywood, attracting ever more creative and technology talent to the community.”

Development activity has gotten the most attention as helping to drive office growth by giving companies, like Netflix and Viacom, a quality office option in the market. However, the development has also helped to generate demographic shifts that also helped to drive economic activity. “The development pipeline is significant, but beyond what changes new development may drive, Hollywood now has a huge base of young entrepreneurs that are fueling economic and job growth,” adds Gubler.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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