Third Street Promenade
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 atmosphere and marquee tenants like Nike, Apple and Patagonia. However, recent years have instilled the challenges in the area, from increased storefront vacancies to broader urban issues such as homelessness and economic disruption. Despite these hurdles, the Promenade is actively reshaping its identity with high-profile investments like Google’s flagship store in the Historic Keller Building and new
Google Store set to open in Santa Monica on March 7
Din Tai Fung brings iconic dumplings to Santa Monica this February
Google Store will open this year on Santa Monica's Third Street Promenade
H&M Closing Santa Monica Store
Outlandish Opens U.S. Flagship on Santa Monica's Third 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 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.
