2Q17 Charleston MSA Retail Market Snapshot
Charleston and its surrounding area continue to see growth across every sub-market, and in nearly every metric measurable. Lease rates have risen by 2.8% this quarter, representing an annualized rate of over 11%. Landlords should take note and start demanding higher annual lease escalations, while tenants should happily accept anything below 4%.
Despite the brick and mortar “apocalypse”, the Charleston MSA continues to appeal to national retailers’ operation and expansion in the area. This is reflected by Burlington Coat Factory, The Home Depot, Costco and Academy Sports on their way to the area.
Retail construction in the Charleston/N. Charleston market has been robust, with 14 buildings totaling ±120,309 SF delivered in 2Q17, 15 buildings totaling ±127,929 SF delivered in 1Q17 and 12 buildings totaling ±103,877 SF delievered in 4Q16.
Significant developments underway include the ±113,284 SF Summerville Commons retail strip center in Summerville and 435 Saint James Avenue, a ±36,000 SF retail strip center in Goose Creek.
For more information, contact Elliot Calhoun at +1 (843) 518 5387 or firstname.lastname@example.org.