The Silver Lake neighborhood is located northwest of downtown Los Angeles around the city reservoir for which it is named. Silver Lake is bordered by Los Feliz to the northwest, Atwater Village and Elysian Valley to the northeast, Echo Park on the southeast, and East Hollywood to the west. Tom Mix and Walt Disney both built movie studios here in the 1920s and 1930s. Encouraged by city planners, residential development took center stage by the mid-1930s. Thanks to many now world-renowned architects (Lautner, Neutra, Wright, etc.) active in Silver Lake in the 1930s, the neighborhood is esteemed for its inventory of architecturally significant homes (largely in the Spanish Mediterranean style). By the late 1970s, Silver Lake became the center of Los Angeles’ gay leather subculture. Over the past two decades, the young Hollywood set has increasingly embraced Silver Lake, with such notable actors as Rachel McAdams and Ryan Gosling taking up residences here at various times.
While the retail districts in most of the Cool Street report are literally focused on one actual cool street corridor, Silver Lake actually has a number of major thoroughfares of note. Significant retail corridors exist on Glendale, Santa Monica and Silver Lake Boulevards, Hyperion Avenue and a few other streets.
Whole Foods chose a location on Glendale Boulevard for the rollout of its very first Whole Foods 365 store in May 2016. The billboard announcing their opening (pictured at left) featured their target demographic: cool young Millennials.
However, Sunset Boulevard is arguably the dominant retail corridor when it comes to boutique and restaurant hot spots. Chic French boutique A.P.C. recently opened there, and the street is also home to some of the most acclaimed eateries in the area (Night + Market Song, Cliff’s Edge, El Cochinito, among others).
Silver Lake is a mature trade area with little undeveloped land remaining. We estimate current overall retail vacancy in the area at just under 5.0%. Our survey found a wide range of current asking rents ($30 to $80 per square foot); however, what little modern space does exist has typically leased quickly at the highest end of that range, if not beyond. That being said, the older retail product that lines Silver Lake’s many retail corridors is prime for redevelopment activity.
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