DTSM New Development
As of September 26, 2024, there were 39 new development projects. Nearly two-thirds of them have been approved, and approximately 23% of them are under construction.
DTSM Retail Space Occupancy
As of October 10, 2024, there were 599 ground-floor commercial spaces in Downtown Santa Monica and 6% of their occupancy was undetermined. Among 563 spaces being determined for their uses, 80% were occupied.
DTSM Business Types
As of October 10, 2024, there were 453 ground-floor businesses in Downtown Santa Monica. About a third of them were accommodation, beverage, and food, followed by retail (24%), and beauty, health, and wellness (20%).
DTSM Hospitality
The average daily rate of hotels in Downtown Santa Monica in August 2024 was $355.
The hotel occupancy rate of Downtown Santa Monica in August 2024 was 85%, approaching the pre-COVID level in February 2020 (87%).
DTSM Business and Employment
The data from the first quarter of 2022 shows that Professional, Scientific, and Technical Services, Healthcare and Social Assistance, and Other Services accounted for nearly half of the business types in Downtown Santa Monica.
In 2021, roughly half of the workforce in Downtown Santa Monica was in the Professional, Scientific, and Technical Services, Accommodation and Food Services, and Information industries.
DTSM Parking
Promenade Foot Traffic
Pedestrian activity serves as a crucial gauge of downtown vitality. DTSM utilizes Placer.ai to meticulously track pedestrian traffic, thereby facilitating accurate estimations of the overall pedestrian engagement within this locale.
Much like numerous downtowns across the United States, the Third Street Promenade has experienced a decline in pedestrian activity over the last four years due to the shift to remote work prompted by the pandemic and a decrease in tourist visits. In the post-pandemic period, foot traffic fluctuates seasonally, with higher visitor numbers during the summer months.
In August 2024, the Third Street Promenade recorded a visitor count of 404,729, representing a 1.5-fold increase in foot traffic compared to August 2020.
Promenade Business Types & Retail Space Occupancy
As of October 10, 2024, retail and accommodation, beverage, and food accounted for approximately 90% of all businesses.
The occupancy of ground-level, commercial spaces on 1200, 1300, 1400, and the entire Promenade were 77%, 91%, 81%, and 84%, respectively.