the sign of a Profitable Property

Market Report: West Hollywood

WEST HOLLYWOOD

West Hollywood, Norma Triangle, West Hollywood West, and more.

Rent Rate

Leasing Activity SF

Vacant Available SF

SOURCE: CoStar 

  • Q4 - 2021
  • Q4 - 2022
  • Q4 - 2023

Leasing Market Overview

MEASURING Q4 2023

West Hollywood, a pioneer in the adoption of business improvement districts, currently operates three such districts within its borders. The Sunset Strip and West Hollywood Design districts delineate specific geographic territories, while the West Hollywood Travel + Tourism Board consists of hotel owners within the city, actively promoting tourism to the area.

In recent times, market conditions in West Hollywood have softened, influenced by a decrease in international tourists visiting the metropolitan area, impacting demand for restaurants and entertainment venues. Vacancy rates have seen an increase over the past few years, rising from a recent low of 3.8% in 18Q4 to 8.4%, in contrast to the metro average of 5.3%.

Despite these challenges, there remains a robust demand for fitness centers across various size ranges, helping offset the decline in demand related to tourist activity. Noteworthy examples include Gym John Read Fitness, a high-end concept occupying 40,000 SF at 8550 Santa Monica Boulevard, formerly occupied by 24 Hour Fitness, and The Lab, a boutique gym leasing 2,500 SF at 8305 W Sunset Boulevard in November 2023.

SNAPSHOT OF LEASES SIGNED

No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Dec-23 Jan-24 7164-7168 Melrose Ave 1,133 6.00 2 South Park Group, Inc.
2 Dec-23 Jan-24 744-746 N La Brea Ave 2,500 2.85 3 DAUM Commercial Real Estate Services
3 Dec-23 Jan-24 349 N La Cienega Blvd 1,200 7.95 1 Fam 4200, LLC
4 Nov-23 Dec-23 7801-7813 W Sunset Blvd 900 3.77 3 Blue Jay Properties
5 Nov-23 Dec-23 8255 Beverly Blvd 1,320 4.95 1 South Park Group, Inc.
6 Nov-23 Dec-23 314 N Harper Ave 2,618 3.95 9 CBRE
7 Nov-23 Dec-23 7801 Melrose Ave 1,300 4.20 6 Compass Commercial
8 Oct-23 Nov-23 461-471 N Robertson Blvd 3,135 0.67 12 Ronald S. Kates & Co
9 Oct-23 Nov-23 7201-7213 Santa Monica   Blvd 1,155 3.50 33 illi Commercial Real Estate
10 Oct-23 Nov-23 8440 Santa Monica Blvd 200 6.75 3 Rix Business Sales

SOURCE: CoStar 

Brokering Success

illi Commercial Real Estate sits down with accomplished broker, Xan Saks, to discuss a leasing deal between his client, Aldi, a supermarket chain, and illi-represented Canyon Center of Santa Clarita.

This interview delves into the intricacies of the deal, Aldi’s unique requirements, and the triumphant opening day of the store. It’s a compelling narrative of teamwork and success in the world of commercial real estate, showcasing remarkable achievements obtainable with collaboration.

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