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The buzz is back - Hollywood preleasing dominates the construction pipeline

  • ​Eight office buildings totaling more than 1.9 million square feet have been delivered throughout 2017.
  • Two of these eight properties hit the market fully pre-leased, while the other six are in various stages of lease-up. ICON and CUE were both fully leased by Netflix prior to delivery. The company is rapidly growing its presence in the market, and has been drawn to Hollywood’s revitalization and its expanding entertainment cluster.
  • Los Angeles has historically had a light construction pipeline. In spite of this, the market has typically been tentative with regard to pre-leasing activity. Tenants have typically held off decision making until product completion.
  • Despite the slow leasing momentum in newly delivered assets, the remaining six properties are suited for creative tenants and located in well performing submarkets therefore the leasing outlook remains positive. ​​

Source: JLL Research

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