SANTA MONICA
Downtown Santa Monica, Mid-City Santa Monica, North of Montana, Ocean Park, Pico, Sunset Park, and Wilshire Montana
Rent Rate
Leasing Activity SF
Vacant Available SF
SOURCE: CoStar
- Q2 - 2021
- Q2 - 2022
- Q2 - 2023
Leasing Market Overview
MEASURING Q1 2023Santa Monica is a well-known shopping destination in the city, attracting both tourists and local workers. The Third Street Promenade in Downtown Santa Monica is particularly popular among tourists. The area has benefited from its daytime workforce and favorable demographics.
However, due to the impact of the pandemic, the number of tourists and workers visiting Santa Monica has not yet fully recovered to pre-pandemic levels. As a result, there is reduced demand for retail spaces in the area. The vacancy rates, which were already increasing between 2016 and 2019, have further risen. Additionally, while Santa Monica’s rents are among the highest in the country, their growth rate has been slower compared to the overall market average for the past six years.
SNAPSHOT OF LEASES SIGNED
| No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
|---|---|---|---|---|---|---|---|
| 1 | Apr-23 | May-23 | 2020-2024 Pico Blvd | 1,570 | 3.75 | 6 | Muselli Commercial Realtors |
| 2 | Apr-23 | May-23 | 1201-1211 Wilshire Blvd | 1,500 | 3.83 | 11 | Kennedy-Wilson Properties, Ltd. |
| 3 | Apr-23 | Jun-23 | 3002 Main St | 5,018 | 6.25 | 14 | Industry Partners |
| 4 | May-23 | Jun-23 | 2714-2718 Main St | 1,100 | 5.95 | 15 | PAR Commercial Brokerage, Inc. |
| 5 | May-23 | Jun-23 | 106-108 W. Channel Rd | 1,468 | 7.17 | 3 | Westside Property Management |
| 6 | Jun-23 | Jul-23 | 1415-1419 2nd St | 1,304 | 7.50 | 21 | Kennedy-Wilson Properties, Ltd. |
| 7 | Jun-23 | Jul-23 | 2660-2666 Lincoln Blvd | 500 | 21.00 | 4 | Muselli Commercial Realtors |
| 8 | Jun-23 | Jul-23 | 2430-2434 Main St | 1,800 | 5.75 | 3 | Perloff-Webster Company |
| 9 | Jun-23 | Jul-24 | 2822 Santa Monica Blvd | 1,017 | 5.50 | 34 | CBRE |
| 10 | Jun-23 | Jul-23 | 1636 Ocean Park Blvd | 1,200 | 3.83 | 4 | COMPASS Commercial |
SOURCE: CoStar