IRR-Charleston Mid-Year Viewpoint 2015 Local Market Report - Retail
The Charleston retail market continues to improve with new tenant openings in each submarket as well as existing tenants relocating in the market. Vacancy rates have dropped in each submarket from the first quarter 2014 of 10.8% to the first quarter 2015 which is at 9.2% for community and Neighborhood Centers. Power centers vacancy rates are 4% while their asking rates have increased by one percent to $26.90 per square foot. Rates for community centers and neighborhood shopping centers are also have increased.
With recent announcements from Boeing, Mercedes Benz and Volvo investing in the area for manufacturing facilities the Charleston industry growth will continue to increase while the tourism industry continues to thrive supporting the local retail market. New Construction completions have been limited with a 54,800 Square foot Harris Teeter in the Summerville market along with a 144,000 square foot development anchored by Marshall's in 2014.
There is however close to 1 Million square feet of space that is either proposed or under construction. The Town Square at Daniel Island will total 450,000 square feet and two other mixed use properties are planned for the market as well. 2015 should continue balance of supply and demand with continued rent growth. As these proposed and planned developments progress the Charleston retail market may expect some changes in asking rates, vacancy rates and absorption beyond 2015.
Download the full version PDF of this Local Market Report below. It includes graphs and tables.
IRR Mid-Year Viewpoint 2015 comprises a National Overview report and 300+ two-page Local Market Reports for all key property types as well as additional resources, including metrics methodology, graphs, and tables; these free reports may be downloaded from IRR’s site here.