Submarket Snapshot: Santa Monica’s Q1 2016

Los Angeles /
Feb.February 29, 2016 05:00 PM

From the start of the new year to date, Santa Monica is seeing higher commercial asking rents than it did in the same period in 2015.

The average asking rent in 2016 to date was $52.18 a square foot a year ($4.35 a month), compared to $40.67 ($3.89) in the same period a year earlier, according to data from CoStar Group, analyzed by TRData.

The average price-per-square foot on commercial sales rose to $558, compared to $519 in the first three months of 2015.

Leasing was slower than it was in the same period last year. Leases were signed for 182,467 square feet in 2016-to-date, compared to 327,584 in the same period last year.

The largest commercial lease signed so far this year was for 28,882 square feet at 730 Arizona Avenue.

On the residential side, the sale of a house at 501 East Channel Road for $11 million marks the priciest sale so far this year, according to data from Redfin analyzed by TRData. In the same period last year, the priciest sale was for $15.56 million.


Related Articles

arrow_forward_ios
Granite CEO Michael Dardick and Industrious CEO Jamie Hodari

Industrious partners with landlords to offer tenants satellite workplaces

Industrious partners with landlords to offer tenants satellite workplaces
Colorado Campus at 2041-2115 Colorado Avenue and Northwestern Mutual CEO John E. Schlifske

Northwestern Mutual picks up Santa Monica office campus for $166M

Northwestern Mutual picks up Santa Monica office campus for $166M
Macerich CEO Thomas O’Hern and Santa Monica Place mall

Here’s what tenants are paying at Macerich’s Santa Monica Place

Here’s what tenants are paying at Macerich’s Santa Monica Place
CEO of Amazon Web Services Andy Jassy

A top Amazon exec buys in Santa Monica

A top Amazon exec buys in Santa Monica
Prop 15 property tax measure draws millions (Credit: iStock)

Prop 15 property tax measure draws millions of dollars from for and against campaigns

Prop 15 property tax measure draws millions of dollars from for and against campaigns
California is allowing barbershops and salons to reopen under new coronavirus mitigation guidelines (Credit: Noam Galai/Getty Images)

California allows barbershops to reopen, but LA holds back

California allows barbershops to reopen, but LA holds back
LA County assessor Jeffrey Prang

LA County properties valued at nearly $2 trillion…before pandemic

LA County properties valued at nearly $2 trillion…before pandemic
WS Communities CEO Scott Walter and VP of Finance Gregory Proniloff, Madison Realty Capital’s Josh Zegen, 1433 Euclid Street in Santa Monica; and rendering of mixed-use project at 3030 Nebraska Avenue in Santa Monica (Credit: Google Maps and Madison Realty Capital)

WS Communities nabs $150M loan for six renovations and a development site

WS Communities nabs $150M loan for six renovations and a development site
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...