the sign of a Profitable Property

Market Report: 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


  • Q1 - 2022
  • Q1 - 2023
  • Q1 - 2024

Leasing Market Overview


The leasing landscape in Santa Monica’s retail submarket reflects a nuanced picture amid its renowned tourist attractions and vibrant local demographics. Historically supported by high visitor traffic and a bustling workforce, recent years have seen a notable shift in market dynamics. The lingering effects of the pandemic have curtailed tourist and worker footfalls, dampening consumer spending and contributing to a steady rise in vacancy rates, which now stand at 10.3%, surpassing many metro counterparts. Despite this, rent rates have shown modest growth, with an average annual increase of 1.3% over the past three years, albeit lagging behind the metro-wide average of 2.5%.

The leasing outlook is further shaped by a subdued construction landscape, characterized by minimal net growth in inventory over the past decade. While the current pipeline shows limited activity, with a single project on the renowned Third Street Promenade, completion of which is anticipated in 2024, the market maintains a unique pricing dynamic. Recent sales activity, albeit moderate, underscores investor caution amidst rising debt costs. With retail asset pricing averaging $820/SF, significantly exceeding the metro-wide average, Santa Monica presents an intriguing juxtaposition of leasing challenges and premium pricing, offering both opportunities and considerations for prospective tenants and investors navigating this distinctive retail landscape.


No. Signed Date Start Date Address SF Leased Rent/SF/Mo Months on Market Leasing Rep Company
1 Mar-24 Apr-24 366-372 N. La Cienega Blvd 2,000 2.75 14 Commercial Asset Group
2 Mar-24 Apr-24 8065-8075 W. 3rd St 1,697 5.00 16 Continental Development Group
3 Mar-24 Apr-24 7819-7829 Melrose Ave 1,800 4.50 9 Spacegrab
4 Feb-24 Mar-24 8270-8278 Santa Monica Blvd 1,890 4.23 11 South Park Group, Inc
5 Feb-24 Mar-24 8869-8871 Santa Monica Blvd 1,960 12.76 7 Newmark
6 Feb-24 Mar-24 8755 Santa Monica Blvd 4,969 6.00 11 CBRE
7 Feb-24 Mar-24 7801-7813 W. Sunset Blvd 900 3.00 6 Blue Jay Properties
8 Jan-24 Feb-24 439-441 N Fairfax Ave 2680 6.75 8 CBRE
9 Jan-24 Feb-24 6325-6335 Wilshire Blvd 1346 3.95 17 Brandon Cohan Real Estate
10 Jan-24 Feb-24 8051-8055 Beverly Blvd 1350 4.25 3 NAI Capital


Successful Client

illi Commercial Real Estate sits down with passionate restauranteur, Cesar Garcia, to discuss his new location for Papa Juan’s Baja Grill.

Papa Juan’s Baja Grill is a restaurant that has been delighting customers with its delicious, homemade recipes inspired by Baja cuisine. With 14 years of experience in the industry, the owner’s passion for food and dedication to customer service shines through.

Learn about his journey from cooking for friends and family to opening a food truck and brick-and-mortar location. Don’t miss the exciting news about the upcoming Northridge location and the owner’s other restaurant concepts.