As of July 31, 2023, there were 38 new development projects. Nearly two-thirds of them had been approved and approximately one-fifth of them are under construction.
Retail Space Occupancy
As of August 2, 2023, there were 571 ground-floor commercial spaces in Downtown Santa Monica and 7.4% of them were undetermined. Among 529 spaces being determined their uses, 80.7% were occupied.
As of August 2, 2023, there were 428 ground-floor businesses in Downtown Santa Monica. About a third of them were accommodation, beverage, and food, followed by retail (21.96%), and beauty, health, and wellness (19.86%).
The average daily rate of hotels in Downtown Santa Monica in March 2023 was $367.7.
The hotel occupancy rate of Downtown Santa Monica in March 2023 was 77.4%, approaching the pre-COVID level in February 2020 (82.4%).
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.
Foot Traffic - Third Street Promenade
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 the month of July 2023, the Third Street Promenade welcomed an approximate half-million visitors, constituting about 63% of the foot traffic observed in July 2019. Notably, foot traffic has exhibited an upward trajectory during the summer months since then, surpassing the pedestrian counts noted in both July 2021 and July 2022.
Retail Space Occupancy & Business Types – Third Street Promenade
As of August 2, 2023, the occupancy of commercial spaces on 1200, 1300, 1400, and the entire Promenade were 69.2%, 77.1%, 78.4%, and 75.5%, respectively.