DTSM New Development
As of December 3, 2023, there were 38 new development projects. Nearly two-thirds of them had been approved and approximately one-fifth of them are under construction.
DTSM Retail Space Occupancy
As of December 3, 2023, there were 573 ground-floor commercial spaces in Downtown Santa Monica and 7.2% of their occupancy was undetermined. Among 532 spaces being determined for their uses, 81.6% were occupied.
DTSM Business Types
As of December 3, 2023, there were 438 ground-floor businesses in Downtown Santa Monica. About a third of them were accommodation, beverage, and food, followed by retail (21.8%), and beauty, health, and wellness (20.0%).
The average daily rate of hotels in Downtown Santa Monica in September 2023 was $357.
The hotel occupancy rate of Downtown Santa Monica in September 2023 was 78%, approaching the pre-COVID level in February 2020 (82%).
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.
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 three years, attributed to the practice of remote work prompted by the pandemic and a decrease in tourist visits.
In October 2023, the Third Street Promenade saw an influx of 331,679 visitors, representing approximately 66% of the foot traffic observed in the pre-pandemic October of 2019. The post-summer months witnessed a decline in foot traffic, indicating a seasonal trend. Notably, the footfall surpassed the count recorded in September 2022, signifying a moderate recovery from the impact of the coronavirus pandemic.
Promenade Business Types & Retail Space Occupancy
As of December 3, 2023, retail and accommodation, beverage, and food accounted for approximately 90% of all businesses.
The occupancy of commercial spaces on 1200, 1300, 1400, and the entire Promenade were 69.2%, 85.7%, 78.4%, and 78.6%, respectively.