Business and Beaches
Commercial vacancy rates in Manhattan Beach are impossibly low. Demand for space downtown has become so high that we are seeing $10 per square foot lease rates, double what they were just six years ago. This sounds enticing for an investor, but good luck finding a property to add to your portfolio. Sales of commercial properties here are almost as rare as Strand home sales. In fact, the most heavily trafficked online commercial real estate site, LoopNet, did not have a single commercial property listed for sale in Manhattan Beach at the time of this writing. Many properties have remained with families for generations, some for over 60 years. This has investors looking elsewhere and the Sepulveda corridor has become the new mecca. We are in the midst of a serious transformation from Marine Avenue on south into Hermosa Beach. What is somewhat surprising about this is that just a few years ago the lease rates on Sepulveda were curiously consistent along the entire axis, from LAX through the Riviera Village on PCH, including Manhattan Beach. However, we have seen commercial lease rates in Manhattan Beach along Sepulveda double in just the past two to three years. Given that the value…
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