West Hollywood Commercial Real Estate
West Hollywood, also known as WeHo, is a notably famous city in Los Angeles County, renowned for its unique colorful commercial avenues, dining and a great nightlife which is basically focused on the Sunset Strip. With a total area of only 1.88 square miles and less than 35,000 residents, West Hollywood yields a huge influence over the lifestyle of LA and is the ideal location to be in and also to be seen.
With an abundance of affluent art galleries, restaurants, fashion boutiques, theaters and nightclubs, it’s a highly acclaimed destination both for the locals as well as tourists and is a crucial hub for commercial real estate investment. It also happens to be a famous location for starting any new business or even buying a house.
This is a modern and clean area which is one of the fastest growing localities in the country. The place has a highly developed network of transportation. Long Beach airport, which is roughly 28 miles from the city of West Hollywood, is a tiny airport but has travelers from all over the world and is quite a busy location.
West Hollywood has been able to pull in various companies due to a highly-developed infrastructure and also reduced business costs. Some top companies operating here include Barneys Beanery, Crate & Barrel, Abronne International, Target Media Partners and SpinMedia.
The Sunset Strip
The world-class Sunset Boulevard lying between Crescent Heights Avenue and Doheny Drive, also referred to as The Strip, has various legendary establishments like The Roxy, Viper Room, Rainbow Bar and Whisky a Go-Go. These places have a rich and colorful history of organizing performances from the best of Rock n Roll.
The Sunset Strip Music Festival (SSMF) is a top festival of Southern California, which was created by business owners in 2008 to celebrate and promote the legendary music experience in the Strip.
Sunset Plaza, between San Vicente Boulevards and La Cienaga, has a host of attractive fashion boutiques, outdoor cafes and trendy bistros that line both the sides of The Sunset Strip.
The latest additions in West Hollywood
Business owners are investing heavily in commercial real estate in West Hollywood as the city witnesses a change with new bars, restaurants, tourist attractions and also 3D shopping.
Some of the latest commercial properties in West Hollywood are as follows:
- Pearl’s Liquor Bar
- State Social House
- Hooray Henry’s
- Seize Sur Vingt
- Skin laundry
West Hollywood as such is a top entertainment destination like the Comedy Store, the House of Blues, Saddle Ranch Chop House etc. and is not so famous for offices or industries. The place pulls in visitors from all over the world and is a hot destination for commercial real estate investment. New business owners are capitalizing heavily upon this and investing in restaurants, boutiques, hotel and various entertainment avenues. The place is ideal for opening up something that would prove to be a great attraction for tourists and locals.
Top Reasons why Business owners love West Hollywood
- Owners are attracted to the convenience
West Hollywood offers business owners and even the residents proximity to basic amenities that makes it special. From high-class restaurants, such as Lucques, Taste on Melrose and Eveleigh to world class shopping centers, such as Just Tires and Monarch wheels, it’s all situated close by. Not only is this beneficial to business owners and their staff, but also to their client base who regularly throng the offices or stores.
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- Excellent public transportation
West Hollywood boasts of an excellent and well organized public transport system mainly because of its closeness to the city of Los Angeles. Practically every corner of the region is well-connected by subways, buses, light-rail and shuttles making it convenient for business owners, their staff and clients to reach the spot.
- Entertainment Destination
The region boasts of being a top entertainment hub for people from all over the world. Places like Sunset Plaza, Robertson Boulevard, Laugh Factory, Sundance Cinema, Comedy Store, Shoreham Towers and Pacific Design Center pulls in countless visitors-both local and tourists. This provides ample scope for opening up a new business-maybe a restaurant, hotel or some entertainment site wherein business owners would readily draw up a huge client base.
- Proximity to Los Angeles
West Hollywood’s proximity to Los Angeles makes it better placed for investment in commercial real estate. Los Angles, famous for its big offices, companies and industries has a huge client base from various parts of the globe. Hence a client in Los Angles could surprisingly turn up at your office in West Hollywood, who in reality did not have any plans to come to West Hollywod. This is the main benefit of the closeness of the place to LA.
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Some great commercial properties in West Hollywood
- 8365 W Sunset Boulevard
This property is located on the highly renowned Sunset Strip and can be used as a retail space or an office. It has a total space of 9000 sq ft with a restricted parking space in the center. The place has an excess of 1,200 hotel rooms with over 235,000 individuals within a radius of 3 miles. The average household income here is roughly $ 138,000. The rental rate here is $5,400 each month with strong co-tenants, such as Saddle Ranch Chop House and Starbucks.
- 7626 Santa Monica Boulevard
This is a huge commercial real estate property with store front along the Santa Monica Blvd which has heavy traffic. The area of the front show room is approximately 1000 square feet and that of the back square feet is around 4000 square feet with a lofty ceiling. There is a front retail space adjacent to the property with an office on the second floor that makes the total area 1800 square feet. There are a total of four restrooms. The rental rate here is $ 11,900 each month with the minimum lease duration being three years at $ 1.75-2.50 for 1000-6800 square feet.
- 8840 Beverly Boulevard
Historically referred to as the “Antiquarius Jewelery Mart” the property has organized the top jewelry and antique shows of LA. At present, the place is under renovation and the space restricted. Hence, preference will be given to those who come first. The fresh transparent construction of this commercial real estate property allows the maximum penetration of natural light into the interior portions of the building. The total space available here is 8,676 square feet with the rental rate ranging from $ 4,179 to $12,387 per month.
- 8452 Melrose Avenue
This commercial real estate property in West Hollywood is a unique and incredible building with vast patio area, lofty ceilings and an extensive parking space. It’s located beside Taste Restaurant and was previously an outlet of Revolve clothing, and a hair salon prior to that. The neighboring tenants are Theory, Marc Jacob’s and Kelly Wearstler. The rental for this property is $ 5.75 per square feet per month.
- N La Brea Avenue & Fountain Avenue
This is a brand new property in West Hollywood and is ideal for retail, restaurant, service and fitness centers. The total space available is 19,359 square feet and the rental rate is $95,827 per month.
- 8650 W Sunset Boulevard
The property in West Hollywood is constructed out into a combination of executive suite space and office space. However, the bigger areas can be divided and when the total expense of occupancy is compared to other similar spaces in the commercial properties in West Hollywood, this space has the edge. The total available space is 14,000 square feet with the rental rate being $ 49,000 per month. It’s ideal for an office and is available immediately.
- Sunset 8335
This commercial property in West Hollywood exudes an artistic energetic vibe. The interior is highly modernized with industrial color palette, metal finishes, brick work and exposed ceilings, which add individual flare and style.
Some amenities here include air conditioning, data center, car parking, wireless internet access, LCD Projector and Mini Suites. The price of this property has not been announced yet.
Emergence of Sunset La Cienega
A commercial real estate development at the center of Sunset Strip which was delayed for a long time has started to emerge as developers and builders put in their efforts to enhance the appearance of Sunset Strip. The demolition on this project started on the second week of August on structures that were previously vacant at the intersection of La Cienega and Sunset boulevards to create space for a high-end hotel, restaurants, shops and apartments whose total value is estimated to be around $ 300 million.
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The project which will be composed of four buildings is a part of the strategy to enhance the appearance of the Sunset Strip, which is already a major attraction both for tourists as well as locals. Mayor Abbe Land states that the place is renowned internationally and the government wants to live up to the expectations of the people.
The intersection of La Cienega and Sunset has been a bad deal for over decades with objections coming from opposition lawsuits and neighbors against any kind of construction activity. However, the litigation seems to be over, and at present, Hollywood commercial real estate developer, CIM Group will be introducing the project with the demand for hotel rooms and retails surging in West Hollywood.
Some other important projects in the making along Sunset Boulevard are an affluent hotel located at Doheny Drive. This hotel with 148 rooms will consist of a hotel, some outlets and twenty condominiums.
According to market observers, a vacant lot close to San Vincent Boulevard was sold recently to an unknown investor for $ 28 million. This space, known as the James Hotel property, has 200 rooms, spacious restaurants and meeting spaces.
John Strauss, managing director of hotels at Jones Lang Salle, says that the past five years have been a very long spell in terms of dull or no-growth in new commercial real estate properties in West Hollywood and Los Angeles.
West Hollywood has a robust local market and pulls in business travelers belonging to the entertainment industry in addition to tourists. Some famous hotels located on the strip are Chateau Marmont, London West Hollywood and Mondrian Los Angeles. The strip has famous watering holes like the Skybar and Eveleigh, and hosts live concerts like the Viper Room and the Whisky a Go Go.
Finding a commercial property in West Hollywood
Some of the essential steps you need to take while hunting for a commercial property are as follows:
- Align the requirements of your business
Prior to finding a commercial property in West Hollywood, it’s imperative to have an idea of where your business will be heading in the near future. Therefore, you need to have proper knowledge on the amount of space you require and the required facilities to cater to the demands of your business. Some questions you need to ponder on include how many bathrooms you require? Will it be proper to locate in a multi-storied property? And is the floor surface fine for the machinery that will be moving in? Comprehending and assessing such determinants are crucial with respect to the positive impressions of the building on behalf of your much valued clients, suppliers and workforce.
- Make use of the internet
The web provides exhaustive details from top commercial real estate agents on tips to find commercial properties. In addition, you can find a host of websites that have listings of various available commercial properties in West Hollywood. Remember that Google is your best friend. You need to search for your ideal property with proper parameters.
- Take the services of a commercial agent
Appointing a commercial agent is a great thing which you can do since an expert can relate the requirements of your business to the type of commercial property you need. An agent can also give his assistance with the process of acquisition in return for a fee.
West Hollywood has emerged as a strong destination for commercial real estate investment with many new commercial properties coming up. The advantage of the place is that it’s a top entertainment destination and close to Los Angeles, which give business owners a strong hold to start a new business.