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Market Report Edition: First Quarter, 2018 ABOUT DOWNTOWN SANTA MONICA, INC

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Market Report Edition: First Quarter, 2018 ABOUT DOWNTOWN SANTA MONICA, INC DOWNTOWN SANTA MONICA Market Report Edition: First Quarter, 2018 ABOUT DOWNTOWN SANTA MONICA, INC. Downtown Santa Monica is a dynamic, urban envi- The organization is governed by a 13-member Board ronment located on the bluffs overlooking the Santa of Directors. Six members are appointed by the Monica Bay and is the proud home of the world-fa- Santa Monica City Council, six are directly elected mous Third Street Promenade, a beloved and cele- by property owners within the district, and one is brated destination. The district features retailers for the Santa Monica City Manager or his/her designee. all age groups, hip casual dining options and sophis- The board and staff of DTSM, Inc. focus their work ticated fine dining restaurants. Ranked as one of around 5 priorities: the most walkable neighborhoods in the Los Angeles region, Downtown Santa Monica welcomes 16 million · DOWNTOWN COMMUNITY PLAN IMPLEMENTATION people annually and generates more than $1 billion in taxable sales for the City of Santa Monica each year. · CIRCULATION & MOBILITY Downtown Santa Monica, Inc. is a private 501c(3) · INFRASTRUCTURE IMPROVEMENTS non-profit organization that works with the City of · RETAIL SUPPORT Santa Monica to manage services and operations in · COMMUNITY CONNECTIONS Downtown Santa Monica while promoting econom- ic stability, growth, and community life within this unique neighborhood. Downtown Benefit Zones DOWNTOWN SANTA MONICA IS BOUNDED BY THE 10 FWY TO THE SOUTH, WILSHIRE BLVD. TO THE NORTH, OCEAN AVE. TO THE WEST AND LINCOLN BLVD. TO THE EAST. THE DIS- TRICT IS DIVIDED INTO 5 BENE- FIT ZONES. PROPERTY OWN- ERS ARE ASSESSED ANNUALLY BASED ON THE ZONE IN WHICH 2 1 3 L THEIR PROPERTY IS LOCATED. 0 02 TABLE OF CONTENTS Consumer Snapshot 04 Executive Summary 04 Market Updates RESIDENTIAL 06 OFFICE 07 RETAIL 08 HOSPITALITY 09 In Development 10 MAP & FEATURED PROJECTS 11 Market Happenings “Co-working firm Work Well Win plants flag in Santa Monica” (The Real Deal) The popularity of coworking continues, with the announcement that coworking company Work Well Win will move into the top two floors of 1201 Third Street Promenade, formerly Barnes & Noble. “CBRE Announces the Sale of Adidas & Burn Fitness Building in Santa Monica, CA for $30.3 Million” (CBRE) 1231-1233 Third Street Promenade was sold to Golden West Properties and Starpoint Properties from San Diego Promenade Investors LLC at $995 per square foot. “Seritage Growth, Invesco Partner to Own the $145M Development in Former Sears Santa Monica Space” (Los Angeles Business Journal) Invesco Real Estate paid $50 million to enter a joint venture with Seritage Growth Properties to redevelop the Sears building at 302 Colorado Avenue. The landmarked Sears will be given a new life with over 50,000 square feet in office space and over 60,000 square feet in shops and restaurants. 03 CONSUMER SNAPSHOT Promenade Pedestrian Impressions (Q1 2018) Promenade Pedestrian Impressions change vs. 2,336,850 25,965 Q1 2017 -0.9% AVG PER DAY TOTAL * SOURCE: SPRINGBOARD. DATA REPRESENTS THE FREQUENCY OF PEDESTRIANS PASSING A FIXED COUNT LOCATION AND SHOULD NOT BE INTERPRETED AS A COUNT OF UNIQUE/INDIVIDUAL PEDESTRIANS. DTSM Consumer Profile (2017) SPEND BY ORIGIN SPEND BY CONSUMER SPEND BY CONSUMER AGE DISTRIBUTION INCOME DISTRIBUTION 24% < 35 27% <50k 14% Santa Monica 17% 35-45 26% 50-100k 45% Los Angeles 20% 45-55 28% 100-200k 41% US, Outside LA 19% 55-65 19% >200k 20% 65-75 TRANSACTIONS BY BUSINESS TYPE 31% 20% 15% 11% Restaurants Apparel Department Stores Hotels 7% 6% 5% 4% Specialty Sports Computers Fast Food * SOURCE: BUXTON, US-BASED VISA TRANSACTIONS FOR 2017 04 EXECUTIVE SUMMARY Residential Average Monthly While the number of residential units has remained steady over the Gross Rent this past ten years, average rent has seen a slow increase and occupancy is up from this quarter last year. New development underway on Lincoln Quarter for... Boulevard will bring significantly more units to downtown in the com- ing years. Developers broke ground on the Lincoln Collection, which will house 280 units, and the City approved plans for mixed-use buildings at 1318 and 1650 Lincoln. $4.76 Office Downtown Santa Monica continues to be one of the most sought-af- RESIDENTIAL ter office locations, with a 95% occupancy rate and net absorption of 81,270 square feet this quarter. Retail $5.32 In retail, occupancy rate for downtown is up from last year, at 93.9%, though occupancy on the Promenade is down from last year, now at 90.5%. On the Promenade, Adidas relocated with a new store proto- ALL OFFICE type from the 1200 block to the 1300 block of the Promenade. On the 1300 block, Armani A/X closed and Sketchers moved in. Tumbi Craft In- dian Kitchen, serving modern pan-Indian fare, opened on Santa Monica Boulevard between Second Street and Ocean Avenue. The Gateway, a virtual reality studio, opened at 716 Colorado Avenue. $5.72 Hospitality This quarter saw an average hotel occupancy rate of 83.3% and av- CLASS A erage revenue per available room (RevPAR) of $261.07. Construction OFFICE of Santa Monica Proper, at 710 Wilshire, topped out in February. The hotel, with 271 guest rooms and 7,000 square feet of retail and event space, is due to open in early 2019. $7. 36 ALL RETAIL (NNN) $11.86 PROMENADE * ALL RENTS REFLECTED IN THIS REPORT ARE MONTHLY. RETAIL (NNN) 05 MARKET UPDATE: RESIDENTIAL Q1 2018 Occupancy Rate Occupancy Rate change vs. Q1 2017 93.3% 2.3% 3,167 TOTAL UNITS 0% TOTAL UNITS PERCENT CHANGE VS. Q1 2017 Average Rent per Average Rent per Square Square Foot Foot change vs. Q1 2017 $4.76 3.5% What I love about living in Downtown Santa Monica is the energy here - the vibe. There isn’t a day that passes when I don’t wake up and feel inspired to be here. And for somebody that works in a creative space, in a creative field like myself, it’s very important to me to wake up feeling inspired. —WELLINGTON MORENO Downtown Santa Monica resident $5 3,500 $4.50 $4 3,000 $3.50 $3 2,500 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average Rent per Sq. Ft. 10 year trend * SOURCE: COSTAR Total Units 10 year trend 06 MARKET UPDATE: OFFICE Q1 2018 Occupancy Rate Occupancy Rate change vs. Q1 2017 95% 1.7% 81,270 NET ABSORPTION SQUARE FEET 62,920 TOTAL LEASING ACTIVITY SQUARE FEET Average Gross Rent per Average Gross Rent per Square Foot (CLASS A) Square Foot (ALL PROPERTIES) $5.72 $5.32 Downtown Santa Monica is hands down the best place to work! Super walkable! Abundant food choices (for before, during, and after work), shopping, and of course the BEACH all within a few blocks. Easily accessible from the freeway, major back streets, and the Metro. Average Gross Rent per Extra points for being so bike and scooter friendly too! Square Foot change vs. —JESSICA VAZQUEZ Q1 2017 (ALL PROPERTIES) Tala App -0.2% $6 4,350,000 $5 4,300,000 $4 4,250,000 $3 4,200,000 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Average Rent per Sq. Ft. (All Properties) 10 year trend * SOURCE: COSTAR Total Square Feet 10 year trend 07 MARKET UPDATE: RETAIL Q1 2018 THIRD STREET PROMENADE Promenade Promenade Occupancy Promenade Average NNN Promenade Average NNN Occupancy Rate Rate change vs. Q1 2017 Rent per Square Foot Rent per Square Foot change vs. Q1 2017 90.5% -7.4% $11.86 12.8% DOWNTOWN SANTA MONICA (TOTAL) Occupancy Rate Occupancy Rate change vs. Q1 2017 93.9% 0.6% -36,610 2,500 NET ABSORPTION TOTAL LEASING SQUARE FEET ACTIVITY SQUARE FEET Average NNN Rent per Average NNN Rent per Square Foot Square Foot change vs. $7. 36 Q1 2017 -6.6% $8 2,800,000 $7 2,775,000 It’s been really neat to see the food scene grow in Santa Monica. We have $6 2,750,000 the best restaurants and the best $5 2,725,000 small shops. There’s nothing unat- $4 2,700,000 tractive about being near the beach, $3 2,675,000 and having the best weather, and $2 2,650,000 slightly more relaxed people than the $1 2,625,000 rest of Los Angeles. 2009 2011 2013 2015 2017 2010 2012 2014 2016 2018 —KATHRYN COKER Co-owner of Esters Wine Shop & Bar Average NNN Rent per Sq. Ft. 10 year trend * SOURCE: COSTAR Total Square Feet 10 year trend 08 MARKET UPDATE: HOSPITALITY Q1 2018* Room Supply Occupancy Rate Average Daily RevPar Room Rate 491,962 83.3% $261.07 $313.06 * JAN & FEB 2018 $400 90% Average Daily Room Rate by QTR 10 year trend Occupancy % by $300 80% QTR 10 year trend * SOURCE: STR $200 70% 2016 2016 2016 2016 2017 2017 2017 2017 2018 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1* $400 90% $300 80% $200 70% 2014 2014 2014 2014 2015 2015 2015 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $400 90% $300 80% $200 70% 2012 2012 2012 2012 2013 2013 2013 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $400 90% $300 80% $200 70% 2010 2010 2010 2010 2011 2011 2011 2011 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 09 IN DEVELOPMENT RESIDENTIAL HOTEL OFFICE COMMERCIAL COMMUNITY/ ADDRESS STATUS UNITS ROOMS SQ. FT. SQ. FT. CULTURAL SQ. FT. 1 710 Wilshire Blvd. Santa Monica Under Construction 271 7,000 Proper Hotel 2 1601 Lincoln Blvd. Mixed Use Under Construction 89 10,617 Residential 3 1613 Lincoln Blvd.
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