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HomeMy WebLinkAboutLeasing Brochure 2023 Uploaded 1152024Now Leasing Retail, Restaurant & Office Space Available businesshotline@palmdesert.gov 760.776.6362 Why Palm Desert Called the 'heart of the valley,' Palm Desert is a fast-growing and dynamic community.Palm Desert has metamorphosed from a sandy cove at the foot of the Santa Rosa Mountains into a sprawling shopping, entertainment, and recreation mecca. Catch a show at the McCallum Theatre, a state-of-the-art performance venue that has hosted some of the world’s top entertainers, as well as touring Broadway acts; feed a giraffe at the wonderfully wild Living Desert Zoo & Gardens, ranked one of the top zoos in the country; let inspiration strike while exploring public art along the city's famed shopping district, El Paseo; kick it into high gear on the Bump and Grind Trail; or play a round on an award-winning golf course. A short drive away from Los Angeles and San Diego. Centrally located in the Coachella Valley. The Ideal Location. Population TrendsPalm Desert’s year-round population nearly doubles from November to April as “snowbirds” return for the winter. Year around population information Population Trends Resident Population Palm Desert Indian Wells La Quinta Rancho Mirage Palm Springs Coachella Valley (TA) Population 52,284 4,368 38,882 17,285 46,347 377,999 Estimated Seasonal Population Total population during high season Palm Desert & Coachella Valley Trade Area population information Palm Desert Specific Key Indicators $74,103 Median Household Income $230,717 Median Net Worth $56,656 Per Capita Income $60,906 Median Disposable Income Annual Consumer Expenditures Overview Business Profile 4,306 Total businesses 36,350 Total employees Industry Type # of Businesses % of Businesses # of Employees % of Employees Retail 958 22.2 11,213 30.8 Finance, Insurance and Real Estate 491 11.4 3,083 8.5 Service 1,729 40.2 14,919 41 Government 45 1 1,112 3.1 Unclassified 458 10.6 96 .3 Individual Category Information EATING PLACE RETAIL OFFICE ENTERTAINMENT HOSPITALITY MEDICAL Local Flavor Dress in “desert casual” or slip into your finest –Palm Desert has more than 150 restaurants to suit every mood and palate. Whether you are looking to savor a traditional steak and potato entre at Mastro’sSteakhouse or nibble on a light lunch at the Habit Burger, Palm Desert has it all. Palm Desert Dining Overview:70 Fast Casual restaurants128 Sit Down restaurants Eating Places Retail Current Vacancy Rate: 7.2%Vacant SF: 461KSublet SF: 22.8KOccupancy Rate: 92.8% Palm Desert consistently has the highest annual retail sales amongst the nine cities of the Coachella Valley as well as the greater Inland Empire region. Palm Desert accounts for an average of 25% of the Coachella Valley’s retail transactions, representing $1.7 billion in sales in 2021. Over the last five years, Palm Desert retail sales have increased by $248.9 million, or 17%. El Paseo Inventory Inventory SF 879K Existing Buildings 72 Vacancy Rate 6% Availability Vacant SF 52.5K Sublet SF 0 Availability Rate 5.7% Available SF 49.8K Available Asking Rent/SF $36.82 Occupancy Rate 94% Population 1 Mile 3 Mile 5 Mile 2023 Estimates 10,345 38,447 68,941 Average Age 42.90 48.40 51.10Average Household Income $85,286 $104,741 $110,802 The Shops at Palm Desert Population 1 Mile 3 Mile 5 Mile 2023 Estimates 8,769 38,892 65,860 Average Age 41.30 49.00 51.60 Average Household Income $69,103 $103,959 $110,921 Shopping Center Type Super Regional Mall GLA 985,935SF Anchor GLA 389,201 SF Land Area 112.31 AC Floors 1-3 Anchor Tenants Barnes & Noble, Dick’s Sporting Goods, JCPenney and Macy’s Office Current Vacancy Rate 9.4% Vacant SF 236K Sublet SF 6.2K Class A -3 Class B -164 Class C -78 Recreation/Entertainment Entertainment/Recreation Fees and Admissions$996.56 Average Amount Spent$24,559,297 Total Toys/Games/Crafts/Hobbies$142.17 Average Amount Spent$3,503,624 Total Recreational Vehicles and Fees$135.02 Average Amount Spent$3,327,338 Total Sports, Recreation and Exercise Equipment$223.35 Average Amount Spent$5,504.150 Total Hospitality 19 -Properties 3,102 -Room Inventory Class TypeClass A-4Class B-24Class C-7 63.8% -12-month Occupancy Rate$251 –Monthly Average Daily Rate$157 –12-month Revenue Per Available Room Visitors/Tourists in the Coachella Valley •Coachella Valley welcomes 14.1 million tourists who spend $7.1 billion in the market annually. •While 53% of tourists are day visitors, overnight tourists contributed to 47% of total tourist spending. Approximately 45% of tourism expenditures are on retail and dining. •Visitors spend 13% on recreation and entertainment, which equates to $.9 billion. •There are over 175 hotels and 15,300 hotel rooms in the Coachella Valley –one-third of which are within just 5 miles of Palm Desert. •The market is a hub for golf enthusiasts with 44 18-hole golf courses within 5 miles and major golf tournaments held annually nearby. •Various tournaments, events and festivals draw tourists to the Coachella Valley from all over the United States. Visitor Impact in Palm Desert* *A visitor is defined as someone who has: ▪Come from over 50 miles from where they live and/or work ▪Stayed for more than two hours ▪Visited at least one place of impact 3.5% 4.3% 4.6% 8.0% 47.6% 0.0%10.0%20.0%30.0%40.0%50.0% Seattle-Tacoma, WA San Francisco-Oakland-… Phoenix, AZ San Diego, CA Los Angeles, CA Top 5 Origin Markets Top 5 Origin Markets Visitors/Tourists –In Palm Desert 17.3 20 21.1 24.8 25 25.2 32.6 32.9 57.1 93.6 0 10 20 30 40 50 60 70 80 90 100 BUSIENSS & PROFESSIONAL ATTRACTIONS GAS & SERVICE STATIONS HEALTH NIGHTLIFE FOOD TRANSPORTATION RETAIL OUTDOOR RECREATION ACCOMODATIONS Visitor Share of total spend by Category Visitor Share of total spend by Category Highlights & Takeaways •Palm Desert is centrally located in the Coachella Valley and is known as the retail hub. •The nearest equivalent retail hubs to Palm Desert are 34 miles West (Cabazon Outlets -Cabazon) and 98 miles East (Imperial Valley Mall -El Centro). •Palm Desert is only 1.5 miles away from the new Acrisure Arena. With over 800K visitors in its first year. The Arena is home to the American Hockey League’s Coachella Valley Firebirds Hockey team and is a Live Nation event venue. •Coachella Valley welcomes 14.1 million tourists annually who spend $7.1 billion in the market. •Palm Springs International Airport (PSP) had nearly 3 million passengers traveling through in 2022 and is just 12 miles West of Palm Desert. City of Palm Desert Leasing Brochure Information for this brochure was obtained from the following sources: •Zartico •Coachella Valley Economic Partnership •CoStar •Visit Greater Palm Springs •ArcGIS Business Analyst •2020 United States Census ©2023 City of Palm Desert. All rights reserved. This information has been obtained from sources believed reliable but has not been verified for accuracy or completeness. You should conduct a careful, independent investigation of the City and verify all information. Any reliance on this information is solely at your own risk. The City of Palm Desert and the City of Palm Desert logo are service marks of the City of Palm Desert. Photos herein are the property of their respective owners. Use of these images without the express written consent of the owner is prohibited. For more information on available space in Palm Desert, please contact the City of Palm Desert Economic Development Department businesshotline@palmdesert.gov 760.776.6362 We look forward to welcoming your business!