I’ve been living in downtown Santa Monica for a while now and I’ve noticed something weird. There are tons of empty shops and offices all over the place. It’s kinda strange to see so many “For Lease” signs in such a nice area.
I’m trying to figure out why this is happening. Maybe it’s because it’s super expensive to open a business here? Or maybe there just aren’t enough people walking around to support lots of shops?
Has anyone else noticed this? What do you think is causing it? Is it getting better or worse?
I saw some new apartment buildings going up, so maybe that’ll help bring more people to the area. But I’m not sure if that’ll be enough to fill all these empty spaces.
What’s your take on this? Is there something I’m missing about the situation? I’d love to hear what others think about this issue in Santa Monica.
yeah, i’ve noticed that too. it’s crazy how many empty stores there are! i think its a combo of high rent and online shopping killing brick-and-mortar. plus, the pandemic probably didnt help. maybe the city could offer incentives for new businesses? or lower rents temporarily? just brainstorming here lol
Hey there! I’m curious, have you noticed any changes in the types of businesses that are still thriving downtown? Maybe there’s a trend we’re missing? It’d be interesting to see if certain industries are more resilient in this area. What do you think could attract new businesses to fill those empty spaces?
As someone who’s been involved in commercial real estate in the area, I can shed some light on this issue. The high vacancy rate in downtown Santa Monica is a complex problem with multiple factors at play.
Firstly, the astronomical rent prices are a major deterrent for many businesses. The area’s desirability has driven up costs, making it challenging for small businesses to survive, let alone thrive.
Secondly, the shift towards online shopping has hit brick-and-mortar stores hard. Many retailers are downsizing their physical presence or closing altogether.
Additionally, the lengthy and often bureaucratic process of obtaining permits and approvals from the city can discourage potential tenants.
While new residential developments might help, it’s not a silver bullet. The city needs to strike a balance between maintaining its charm and fostering a business-friendly environment. Until then, we’ll likely continue seeing vacant storefronts dotting the landscape.