Santa Monica Real Estate Market Update
Santa Monica Update
We have another market update for Santa Monica Commercial Real Estate - Santa Monica retail stores continue to be strong with low cap rates and average prices/sf above $1,150.
Rent growth is at 1.5% with only 15,000 sf of new retail #construction to be delivered in the next 4 quarters. The Third Street Promenade, a once happening retail destination has seen better days and the city is considering an overhaul. In the end, there is only so much land to build out on but thankfully, even if there is a recession, places like Santa Monica will not be hit as hard due to scarcity.
That’s it for this week and stay tuned for more market updates in the near future.
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