Santa Monica's No Growth is Forcing Tech Firms Out.

Santa Monica’s No Growth is Forcing Tech Firms Out

Posted February 4, 2015

In California, Commercial, development, Los Angeles, net lease, nnn, Office, Santa Monica

Santa Monica has a very active bunch of NIMBYs who will shut your new project down if they don’t like it, and that’s generally the case.

Tech industry has become the source for 25% of Santa Monica’s jobs and they’re doing their best to drive them out.

Google and Yahoo have already given up and are moving on to ‘greener pastures’ in Venice, Culver City and Playa Vista. Santa Monica growth has stalled out as high tech firms search for rare office space and housing for their workers. As a result, rents have shot up.

In the past decade or so, the city has only approved 67,000 square feet on non-residential space and 230 multifamily units. Santa Monica’s NIMBYs are quite proud that they’ve shut down the long debated Bergamot Transit Village which would have brought 375,000 square feet of office space and 427 badly needed apartment units adjacent to the new Expo Line.

How long have they been working on the 2010 Zoning Code Update? They’re saying that they are going to wrap up discussions in February, but didn’t say what year.

Just keep it up folks until you’re back in decline as you were 30 years ago or so before the rousing success of Third Street Promenade.

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