Here’s something you might not expect: the real estate scramble for the 2028 Olympics is already well underway—and the opening ceremony is still two years away.
Global brands, national sponsors, and entire countries are quietly shopping for storefronts across Los Angeles, trying to secure space before the market becomes more expensive and more crowded.
Why Everyone Is in a Hurry
LA retail rents took a hit after the pandemic, but they’ve been climbing back for some time. That recovery is a big part of what’s pushing tenants to move early.
Rents in the city are sitting at approximately $2.93 per square foot as of the second quarter, and most signs point to them continuing to rise.
Talk to anyone leasing space along Santa Monica’s Third Street Promenade, and you’ll hear some version of the same message: there’s only a narrow window left to secure space at today’s prices. Tenants who want to be there for the Olympics are moving now instead of waiting.
One Country Is Already Working on a Deal
Here’s a real example of how this is playing out.
An undisclosed country competing in the Games is reportedly in talks to lease 15,000 square feet on Third Street Promenade for what’s known as a hospitality house—a cultural and social hub that participating countries establish for their athletes, families, officials, and visitors during the Olympics.
The proposed arrangement follows a pattern that’s becoming increasingly common. The space begins as a short-term pop-up before transitioning into a longer-term lease.
During the Games, part of the building would serve as the country’s official delegation hub, with space for the ambassador, government staff, and invited guests. Once the closing ceremony is over, the space would shift into something entirely different, such as coworking offices or a venue for cultural events.
As one landlord put it, the Olympics may be the reason the doors open—but they aren’t supposed to be the entire business plan.
The World Cup Was a Dry Run—and It Went Well
Part of the reason interest has picked up so much has to do with this year’s World Cup.
LA hosted eight matches at SoFi Stadium in Inglewood, and the city turned the tournament into a region-wide celebration. There were packed watch parties downtown, bar crawls, fan zones, pop-up hospitality houses, and restaurants and bars taking advantage of the increase in foot traffic.
People who track the local market say the tournament created a meaningful boost in goodwill, both locally and nationally. It also gave many visitors a better impression of Los Angeles than some national headlines may have suggested.
Since the World Cup wrapped, Olympic-related leasing interest has noticeably increased.
What Brands Actually Want
There’s real demand from consumer brands—especially those in the soft-goods space—looking to sign leases of approximately three years. These agreements would carry them through the lead-up to the Games and potentially beyond.
The activity generally falls into two different categories:
Brand activations: Typically around 5,000 square feet
National delegation pop-ups: Approximately 20,000 to 30,000 square feet on much shorter terms, often around three months
Beverly Hills and Venice’s Abbot Kinney corridor are also seeing early scouting activity alongside Third Street Promenade.
Countries Are Securing Space Across the Region
Third Street Promenade isn’t the only address receiving attention—not by a long shot.
Across Los Angeles, National Olympic Committees and international delegations are working to secure hospitality houses and cultural headquarters well ahead of the Games.
France has already finalized plans for Club France, along with a 35-day “Nations Village” pop-up that will take over the Annenberg Community Beach House in Santa Monica for the country’s Olympic presence.
Long Beach, meanwhile, has emerged as a surprising secondary hub outside the region’s more traditional hot spots. The city has attracted commitments from several countries:
Greece has secured an official Greek Olympic House, anchored at a property connected to the Assumption of the Blessed Virgin Mary church.
Ireland has reserved space for the official Team Ireland House at The Westin Long Beach.
Denmark is establishing its own House of Denmark, also based in Long Beach.
Not every proposed deal has come together smoothly.
New Zealand’s Olympic committee was reportedly in discussions with Culver City about creating a fan zone and hospitality hub, but the negotiations ultimately fell apart over costs.
On the government side, LA County isn’t simply watching this activity unfold—it’s trying to participate in it.
The County Board of Supervisors unanimously passed a motion directing staff to inventory county-owned buildings and civic properties and begin marketing them directly to visiting delegations. The goal is to capture potential lease revenue before the competition for space intensifies.
That strategy aligns with the broader market pattern. Delegations are generally looking for temporary footprints ranging from 20,000 to 30,000 square feet on approximately three-month terms, with many gravitating toward high-visibility areas such as Beverly Hills, Santa Monica, and Venice.
It’s Still Early, but the Signs Are Encouraging
Landlords along Third Street Promenade seem to believe this is only the beginning of a much longer wave.
Overall foot traffic on the Promenade has already returned to approximately 80% of 2019 levels. On weekends, it’s actually exceeding 2019 numbers, which is a major reason landlords and businesses are optimistic about what’s ahead.
The larger bet is that the combination of international exposure, increased tourism, and renewed interest from brands won’t disappear when the closing ceremony ends.
If the momentum continues, the 2028 Olympics could leave neighborhoods like Third Street Promenade—and commercial districts throughout Los Angeles—better positioned for years to come.
