North Hollywood, CA
Commercial Real Estate in North Hollywood, CA
North Hollywood, alongside neighboring cities Burbank and West Los Angeles, serves as a dynamic center for the entertainment and content creation industries.
However, the area has recently faced several challenges, including industry strikes and decreased imports through the Los Angeles and Long Beach ports.
Despite these obstacles, the city’s vacancy rate has slightly increased to 2.7% from 1.6% last year, indicating a shifting market landscape. Yet, the demand for high-quality spaces remains robust, with premier locations being quickly snapped up.
Over the past five years, North Hollywood has seen a significant rise in rent prices. In the last four quarters alone we’ve seen a 2.4% increase. This suggests gradual stabilization in the commercial real estate market in this city.
Developments
Bridge Industrial is converting a former auto lot into a 106,000 sq ft warehouse at 6950 Tujunga Ave, North Hollywood, near Hollywood Burbank Airport.
Acquired for $32.8 million in January 2023, this project caters to last-mile logistics and studio entertainment, in a land-scarce submarket, marking a strategic development.
Real Estate Market
Sales data from the past 12 months:
Avg. Vacancy at Sale: 4.3%
Sales and Leasing
Market Average Rents: $1.75 Per SF. Market Average Sales: $339 Per SF. Vacancy Rate: 2.7%
Zoning Information
Click on the button below to visit zimas.org website for additional information. Here is a video on how to use this resource.
Land Information
Always consult with an experienced commercial real estate broker, like Alex Matevosian, for guidance on buying, selling, or leasing commercial land in North Hollywood.
MIGcres City Insights
We just recently transacted on a commercial building on Chandler Blvd right in the North Hollywood Arts District for lease. The building owner hired us to represent him in the lease of his property. Here are some amenities about the city and property that tenants found attractive: Arts district location: well connected with public transportation like the metro red line. This makes it easier for employees to commute. Many businesses in today's market prioritize employee commutes. Being close to public transportation adds a premium to the leasing values. Due to its entertainment-related culture, it attracted a lot of businesses in the media and post-production field. We had a lot of activity from businesses looking to expand their recording studio and post-production operations.
Size: The building was under 5,000 SF, affordable to many businesses of different sizes. Larger companies and more established businesses were looking at our property for expansion purposes, and newer businesses found that they could start on a smaller scale and then work their way up to bigger facilities as businesses grew. The landlord greatly benefited from the larger pool of interested tenants.
Price: $2.50 per SF was much greater than the average pricing in North Hollywood being around $1.75 per SF. Inventory levels of commercial and industrial properties under 5,000 SF were very low so we had a lot of competition. We used this information as leverage. We wanted to make sure to keep the price attractive so that we could create an environment with multiple offers.
Top Businesses In North Hollywood, CA
Alex Matevosian
Broker DRE 02047572 / 02211621
If you’re considering listing your commercial property in Burbank, CA or perhaps you’re thinking of selling or even leasing the space; consider contacting my team. We’re really looking forward to working with you.
