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
- Q1 2021
- Q1 2022
- Q1 2023
Leasing Market Overview
MEASURING Q1 2023For the past six years, Santa Monica has seen negative annual net absorption, with vacancy rates steadily increasing since 2016. This is a stark contrast to the city’s retail sector in the past, which was among the tightest in the metropolitan area. The current 12.3% availability rate suggests that further move-outs could lead to higher vacancy rates in the near future.
While the retail sector in Santa Monica faces challenges, strip centers have seen a marked improvement in the past two years, with vacancy rates dropping from 18.8% to 6.8%. As Santa Monica’s retail market is mature, strip centers often attract tenants who occupy smaller spaces in power centers. However, as there are no power centers in Santa Monica, strip centers have become a viable option for retailers looking to establish a presence in the city.
SNAPSHOT OF LEASES SIGNED
No. | Signed Date | Start Date | Address | SF Leased | Rent/SF/Mo | Months on Market | Leasing Rep Company |
---|---|---|---|---|---|---|---|
1 | Jan-23 | Feb-23 | 2665 Main St | 1,100 | 5.75 | 34 | Muselli Commercial Realtors |
2 | Jan-23 | Feb-23 | 1229-1235 Montana Ave | 800 | 8 | 17 | Dembo Realty |
3 | Jan-23 | Feb-23 | 729 Montana Ave | 2,855 | 0.83 | 11 | JLL |
4 | Feb-23 | Mar-23 | 1415 5th St. | 1,000 | 0.22 | 3 | NMS Properties |
5 | Feb-23 | Mar-23 | 1003 Broadway | 992 | 5.75 | 1 | PAR Commercial Brokerage, Inc. |
6 | Feb-23 | Mar-23 | 2400 Main St | 550 | 6.25 | 1 | Perloff-Webster Company |
7 | Feb-23 | Mar-23 | 2451 Broadway | 3,950 | 4.75 | 15 | Zacuto Group |
8 | Mar-23 | Apr-23 | 920-934 Broadway | 1,630 | 3.75 | 7 | Fortuna Asset Management |
9 | Mar-23 | Apr-23 | 1703 Ocean Park Blvd | 1,376 | 4.65 | 17 | Lee & Associates - West LA |
10 | Mar-23 | Apr-23 | 2714-2718 Main St | 1,980 | 5.25 | 22 | PAR Commercial Brokerage, Inc. |
SOURCE: CoStar