HOLLYWOOD, CA — As more and more Angelenos continue to be vaccinated against coronavirus, Hollywood is seeing the benefits. Hollywood Partnership's first quarter report showed growth in several areas, including travel, hospitality, residential and retail.
Hollywood Partnership reported a 61% increase in pedestrian traffic along the Hollywood Walk of Fame, with overall pedestrian activity in the Hollywood Entertainment District reaching 56% of pre-pandemic norms. Hotel occupancy increased by 22 percentage points in the first quarter compared to the fourth quarter of 2020.
The sector also welcomed a plethora of new businesses and reopenings from January to March, including the long-awaited return of Amoeba Music in their new location. 86% of available ground floor retail space was occupied by operational businesses, according to the Hollywood Partnership.
Perhaps most notably, the vacancy rate was reduced to 10.4%, with new residents moving into a total of 196 units, a 400% increase from Q4 in 2020. A total of 23 multifamily developments are currently under construction across Hollywood, with HP expecting about 700 residential units to be completed by the end of the year.
"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," Davon Barbour, The HP's Vice President for Advocacy and Economic Development, said. "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 thirteen months and are eager to return to this summer."
Kristopher Larson, President & CEO of The HP added, "We are encouraged by the steady signs of progress showcased in our Q1 2021 Report. 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."
READ MORE: Amoeba Music Announces Grand Opening Of New Location
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May 07, 2021 at 05:17AM
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Retail, Tourism And Travel On The Rise In Hollywood: Report - Patch.com
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