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Broadway Rents a Reminder of Why Change is Slow

By Eric Richardson
Published: Friday, October 15, 2010, at 10:51AM
740 S. Broadway Eric Richardson [Flickr]

For five spaces at 740 - 746 S. Broadway, asking rents range from $6.45 to $12.05 per square foot per month.

For a reminder of why some property owners are in no hurry to see change come to Broadway, one need look no farther than a pair of rental listings posted online in recent weeks.

At 740-746 S. Broadway, the retail frontage made out of what once was the entrance to the Globe Theater, asking rents range from $6.45 to $12.05 per square foot per month. The 166-square-foot space at 746-A is listed with a monthly asking rent of $2,000.

A block up the street, the same property owner is asking $1500 per month for the 180-square-foot space at 646-E S. Broadway, next door to Clifton's Cafeteria.

By contrast, five retail spaces at the Van Nuys Building just a block away at 7th and Spring list for just $1 per square foot per month. More common retail rents across Downtown average $2 to $3 per square foot per month in attractive buildings.

Such high rents were easy to get on Broadway when the street was the region's primary Latino shopping district, but as shoppers have looked elsewhere building owners have found it much tougher to command the same figures and the vacancy rates on the street have risen dramatically.

While some owners have responded by lowering their asking price, others seem to still feel takers are out there.

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