Real Estate
Home›Real Estate›Residential›Olympic retail demand picks up in Los Angeles ahead of…
Olympic retail demand picks up in Los Angeles ahead of 2028 Games
Retail rents in Los Angeles were $2.93 per square foot in the second quarter, and leasing activity is starting nearly two years before the opening ceremony.
Los Angeles retail landlords and tenants are moving early as the 2028 Olympic and Paralympic Games draw closer, with global brands and international delegations scouting storefront space well ahead of the opening ceremony, according to Bisnow.
Bisnow reports that an undisclosed country is in negotiations to lease 15,000 square feet of retail space at Third Street Promenade in Santa Monica for an Olympic hospitality house that begins as a pop-up but later shifts into a more traditional, long-term lease term. The setup would operate during the Games as the delegation’s official hospitality and hub, with space intended for ambassadors, government representatives, and invited guests, and after the Olympics it would transition to uses including coworking, cultural programming, and event space.
The article also cites momentum from other major events, saying Los Angeles advance interest is being supported by visitor increases and hotel occupancy following the World Cup earlier this year. CBRE Managing Director Jessica Lall is quoted describing the World Cup as creating positive local and national sentiment for the city.
Retail rents are expected to continue rising after post-pandemic recovery, with Bisnow noting that CBRE data put Los Angeles retail rents at $2.93 per square foot in the second quarter. Bisnow adds that the city’s World Cup matches, including eight games hosted at SoFi Stadium in Inglewood, helped drive demand as the Olympics approach.