Third Street Promenade

Location

Santa Monica, CA, USA

North of Colorado Avenue and South of Wilshire Boulevard

Location

Santa Monica, CA, USA

North of Colorado Avenue and South of Wilshire Boulevard

Description

A Coastal Icon Finding A New Lease On Life

3rd Street Promenade has long been linked with Santa Monica’s spirit with its intimate blend of retail, dining and cultural energy. Just blocks from the beach, this pedestrian-only thoroughfare has drawn visitors from around the world with its vibrant atmo

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street Details

Annual foot traffic

500,000 people/year

Daily vehicle traffic

15,000 vehicles/day

Population

25,000 people within

Day time population

35,000 people within

Household income (median)

$75,000.00 annually

Age (average)

> 35 years old within

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Available Spaces

Sample Space 1

1000 SF

Suitable for retail, restaurant, office

Sample Space 2

1500 SF

Suitable for retail, restaurant, office

Sample Space 3

2000 SF

Suitable for retail, restaurant, office

News & Alerts

0 of 0

Google Store set to open in Santa Monica on March 7

8 months ago

Din Tai Fung brings iconic dumplings to Santa Monica this February

9 months ago

Google Store will open this year on Santa Monica's Third Street Promenade

9 months ago

H&M Closing Santa Monica Store

10 months ago

Outlandish Opens U.S. Flagship on Santa Monica's Third Street Promenade

11 months ago

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Local Experts

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Brokers Active on Third Street Promenade

Verified rep

Verified rep

Verified rep

1422 3rd Street Promenade

Anthropologie

1402 3rd Street Promenade

Apple

1415 3rd Street Promenade

Google Store

1460 3rd Street Promenade

lululemon

1457 3rd Street Promenade

Outlandish

1228 3rd Street Promenade

Patagonia

1345 3rd Street Promenade

Local Expert Analysis

Market Positioning and Financial Metrics The Promenade remains one of Los Angeles County’s premier retail destinations, commanding rents of over $500 per square foot. However, a vacancy rate of 10-15% reflects both the impact of the pandemic and a shifting retail landscape. Challenges related to homelessness and urban maintenance have compounded these issues, yet recent developments have sparked optimism. New leases and investments demonstrate a growing recognition of the Promenade’s enduring value. Initiatives by property owners and city stakeholders to enhance safety and improve the retail experience are reshaping perceptions, fostering stability in leasing activity. Customer Demographics and Foot Traffic The Promenade draws a wide array of visitors, from high-income locals and young professionals to international tourists. While foot traffic dipped during the pandemic, recent data indicates steady recovery, driven by events like the Farmers Market and the allure of new flagship stores. Its location, just steps from Santa Monica Beach, ensures a consistent flow of visitors year-round, with summer months and weekends being particularly robust. Live entertainment and cultural programming further elevate the Promenade’s appeal, creating an environment that keeps visitors engaged. Recent and Upcoming Developments The reimagining of the Promenade is gaining momentum with massive investments and developments. Google’s flagship store is poised to become a cornerstone of its revitalization, while Din Tai Fung’s debut will enrich the dining landscape. Five additional redevelopment projects are in progress, reflecting a collaborative vision for the Promenade’s future. These initiatives aim to restore its reputation as a zip code. Conclusion 3rd Street Promenade is in a pivotal moment of transformation, balancing its legendary status with a need to adapt to modern challenges. With its unbeatable location, cultural programming, and strategic investments from global brands, the Promenade remains a compelling draw in Southern California’s retail landscape. For retailers and investors seeking visibility and opportunity in a dynamic, evolving market, the Promenade offers a promising platform.

Market Positioning and Financial Metrics

The Promenade remains one of Los Angeles County’s premier retail destinations, commanding rents of over $500 per square foot. However, a vacancy rate of 10-15% reflects both the impact of the pandemic and a shifting retail landscape. Challenges related to homelessness and urban maintenance have compounded these issues, yet recent developments have sparked optimism. New leases and investments demonstrate a growing recognition of the Promenade’s enduring value. Initiatives by property owners and city stakeholders to enhance safety and improve the retail experience are reshaping perceptions, fostering stability in leasing activity.

Customer Demographic

New Developments

As redevelopment efforts continue and new tenants settle in, the Promenade is addressing urban challenges and fostering a welcoming, vibrant environment – this coastal icon is doing all in its power for a resurgence.