Businesses and Customers Prefer Much More Vibrant Environments
Santa Monica’s Third Street Promenade, once bustling with shoppers and street performers, now faces high vacancy rates. That may not be news to locals, but a new report by the San Francisco Gate lays out the extent of the problem.
According to the news outlet, Downtown Santa Monica reports that 73 of 97 ground-floor commercial spaces are occupied, resulting in a 25% vacancy rate, with the 1200 block seeing over 38% of spaces empty.
Businesses and customers are deterred by the vacancies, preferring much more vibrant environments. Additionally, the promenade’s large commercial spaces, some exceeding tens of thousands of square feet, contribute to high rental costs, deterring new businesses. Consequently, many key retail spaces remain empty, affecting the area’s economic vitality.
“Ultimately, a confluence of factors — some intentional, others unavoidable — led to the recent decline of the Third Street Promenade. In some ways, the downfall isn’t that dissimilar to the decline of other areas like Melrose Avenue in central Los Angeles.” the report, written by Paula Mejia. “The difference is that the promenade is a car-free area in Southern California that’s decently accessible via public transportation. It’s also blessed with incredible access to the nearby ocean. But these days, not even the salty air has been able to stave off stagnation.”
For the full article, go to https://www.sfgate.com/la/article/santa-monica-third-street-promenade-empty-why-19374158.php.
