Hollywood is seeing an influx of new tech companies, in part driven by the high coastal rents, but also because companies like the proximity to downtown and the Valley as well as the work/play mix engendered by the many restaurants, bars and retail outlets.

As part of the tech influx, a new moniker will be introduced by Dave Gajda, the software chairman of Cinedigm Corp. Tech companies in the area will now be part of the “Silicon Strip,” a phrase Mihalka says was coined by Gajda and is already being well-received.

The Hollywood area is also booming beyond tech. New residential units and the massive Columbia Square mixed-use complex are coming online in the next few years.

Columbia Square was formerly the CBS campus and will offer 330,000 square feet of new creative office space ready by the third quarter of 2015. The site will office have a luxury residential tower and retail on Sunset Blvd. Also drawing notice at the Summit is the Emerson College Hollywood campus, a project that has been under construction since 2012.

“Hollywood is a worldwide known brand for the entertainment community and companies are drawn to that,” says Mihalka. “There's talent located in and near Hollywood, the young workforce that is attracted to the tech companies. They live in Los Feliz, Silver Lake, Echo Park, in and around Hollywood. The West side has been a contender in the tech game, but their real estate has gotten cost-prohibitive. So moving East where rents are slightly lower and there's really cool, creative space (makes sense),” she says.

As previously reported by GlobeSt.com, Hollywood has competition to attract tech firms. San Diego is one city that's fighting hard to lure established companies and start-ups.