By Cedar Georgevich

If you’ve taken a spin through Hollywood lately, it will come as no surprise that Hollywood is going through a massive transformation as one of the hottest business centers in Los Angeles. Power-players including Netflix, Viacom, Buzzfeed and Live Nation have already made the move to Hollywood and are bound to be followed by many more. Within the past year, there has been over 700,000 square feet of new development under construction with expected delivery in late 2016 and 2017. By 2020, expect an additional 1.2 million square feet to be delivered. Until then, here are five near-term developments you should know about.

1601 Vine – First Quarter 2017

Situated on the Hollywood Walk of Fame near Hollywood and Vine, 1601 Vine spans 115,000 square feet with 8 stories of creative office space. The project will also have approximately 2,000 square feet of ground floor retail space along with underground parking. And if you’re an Equinox fan, you’ll be pleased to hear that 1601 Vine is across the street from another new major development, The Camden, which will house Equinox’s massive, first-ever Hollywood location.

The Romaine (7007 Romaine Street) – First Quarter 2017

Steps away from West Hollywood, The Romaine is a 60,000 square foot creative office building in the Hollywood Media District. The property will feature balconies and outdoor decks, floor-to-ceiling glass, operable windows, and ground floor retail space. The La Brea and Romaine location is somewhat of a “rougher” area, but The Romaine will certainly breathe some new life into the neighborhood.

CUE (5800 Sunset Boulevard) – Summer 2017

Situated on the landmark Sunset Bronson Studios lot in Hollywood, CUE will be a 97,703 square foot, five-story, Class A creative office and production facility with a 9,500 square foot rooftop patio. CUE is located just one block west of the 101 Freeway and within walking distance to the LA Metro Redline.

Academy Square – Summer 2018

Set to transform an entire city block in Hollywood, this $300 million project will have 280,000 square feet of office and retail, plus a 215,000 square foot, 23-story tower that would create up to 250 apartments. Need groceries? Academy Square will also house a 40,000 square foot supermarket, giving the nearby Trader Joe’s a run for its money.

5901 Sunset – 2018 – 2019

Despite heavy opposition from nearby residents around traffic congestion and environmental impacts, 5901 Sunset was granted final approval in late-October by LA City Council. Across the street from Hollywood’s Icon Tower, this new office tower will span 15 stories, with 274,000 square feet of offices and 26,000 square feet of retail space. Construction is slated to begin early 2017.

So what does all of this mean for tenants? Over the past year, Hollywood asking rents have increased approximately 12%, with average asking rents hovering around $4 per square foot. While rent for existing space has not increased dramatically, the massive influx of high-quality, Class A office space has raised the overall average. These new developments have luxury amenities with state-of-the-art facilities, therefore demanding premium rent. With Westside rents in areas such as Santa Monica and Venice at record highs, developers see an opportunity to profit as companies are looking elsewhere. Time will tell if tenants will see the value in the new product. Based on pre-lease activity, my guess is yes.