Press Release brought to you by NAI Global

CHARLESTON RETAIL MARKET HONORED ON NATIONAL STAGE, CONTINUES POSITIVE TRENDS

08/20/2015

CHARLESTON RETAIL MARKET HONORED ON NATIONAL STAGE, CONTINUES POSITIVE TRENDS

Charleston, SC (August 20, 2015) Similar to previous quarters, tourism, job creation and subsequent residential growth continued to drive development and strengthen the Charleston retail market throughout the second quarter of 2015. The market maintained its trend in a positive direction with an overall decrease in vacancy and increase in rental rates. Charleston continued to gain prestige, national and international recognition as a top-notch tourism hub. The area gained yet another accolade recently when Travel + Leisure named Charleston the best city in U.S. and Canada for the third time in a row. Tourists are not the only ones taken by Charleston’s charm, however, as interest from National retailers continues to grow, new tenants emerge and others announce plans to join our thriving market. The low to non-existent vacancy rates allowed Landlords to keep the upper hand this quarter, especially in the downtown market and King Street corridor.

Suburban markets also performed well, showing strength and growth as developments moved forward and interest from new and national tenants remained high. Large, mixed-use developments such as Nexton, Carnes Crossroads, and Ingleside Plantation are underway along the I-26 corridor to accommodate the area’s growing population. These developments are subsequently attracting large-scale retailers, such as Bass Pro Shop, to announce openings nearby.

In The Headlines This Quarter:

- Volvo’s plans to build its first U.S. car factory in Berkeley County. The company’s Volvo’s $500 million investment in the plant could create as many as 2,000 jobs over the next decade and up to 4,000 jobs by 2030. The economic growth resulting from this is expected to be felt industry and market wide.

- Charleston’s gateway corridors are expected to change with the multitude of retail, multifamily and mixed-use developments underway.

- The Bowman Square redevelopment in the highly occupied Mount Pleasant market showed progress with Dick’s Sporting Goods opening its doors and Nordstrom Rack announcing a September 3, 2015 opening date.

- The redevelopment of the iconic corner of King and Calhoun made great strides this quarter with Chipotle Mexican Grill, Walgreens and Carolina Ale House open and Mod Pizza coming soon.

- Charleston’s status as a top tourist destination continues to drive the hospitality and lodging markets with hotel occupancy rates at a record high and approximately 10 new, renovated, or expanded hotels on the peninsula with about 1,000 rooms set to open over the next few years.

- Downtown Charleston’s Morris Sokol Furniture store announced that it will be closing. The business, located at King and Reid streets, has been operating for 94 years.

Notable Transactions:

- The freestanding retail property located at 258 King Street in downtown Charleston, South Carolina was purchased for $2,800,000 as an investment with plans for renovation.

- West Ashley’s Mid Way Plaza on Savannah Highway added Pure Barre, Jimmy Johns, Waxxpot and a cellphone service provider to their tenant list. 

- NAI Avant facilitated a retail leases for Cornerstone Minerals and Lulu Burgess on Upper King Street downtown.

- Elan Midtown reaches full occupancy as retail tenants are secured for all five available suites.

- NAI Avant facilitated leases for King of Pops and an unnamed retailer who will join the existing Edward Jones, Bull Street Market and CHS at the property located at the corner of Meeting and Spring Street downtown. 

- The high-profile Bi-Lo grocery store at 445 Meeting Street downtown was recently purchased by a local real estate investment group for $10.8 million.

Market Forecast/What’s To Come:

- Cabela’s to open first store in Charleston area within WestRock’s Nexton development in Summerville.

- Lowe’s Food plans to open its first store in the Charleston MSA with a nearly 50,000 square foot store on Highway 41 in Mount Pleasant.

- Field & Stream to open their first South Carolina location later this month at Centre Pointe in North Charleston.

- More national retailers predicted to head to upper King following West Elm’s recent grand opening in the former Mescon building at 484 King Street downtown.

- Two more Wal-Mart Neighborhood Market stores set to open in the Charleston area. In addition to the two recently opened Goose Creek locations, a store on Dorchester Road and Ladson Road will be added.

- City of Charleston plans to build a 603-space garage on Mary Street that would be partially leased to an unidentified new tenant in the nearby former Morris Sokol Furniture building.

- Site of Whole Foods second Charleston area location will be announced.

- Aldi to open first Charleston area grocery store August 27th on Dorchester Road in Summerville.

 

 

About NAI Avant

NAI Avant's commercial real estate business is one of the largest in the Southeast. With over 65 professionals, the firm provides comprehensive brokerage, leasing, development, property and project management services. For nearly three consecutive decades, the group has had more of its brokerage professionals recognized as top producers or recipients of the top awards than any other firm in South Carolina. As a member of the NAI Global Network, NAI Avant is affiliated with more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property. NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms and is a wholly owned subsidiary of C-III Capital partners.  NAI Global Member firms, leaders in their local markets, are actively managed to work in unison and provide clients with exceptional solutions to their commercial real estate needs. NAI Avant’s Property and Project Management Group currently manages a multi-million square foot portfolio of properties across South Carolina, North Carolina, and Georgia. Through its Avant Healthcare Division, the firm provides comprehensive services to hospitals, clinics, and physician groups. NAI Avant, founded in 1966, is headquartered in Columbia, SC with an office in Charleston, SC. Find out more about NAI Avant and its services at www.naiavant.com. Be sure to follow us on Twitter @NAIAvant and like us on Facebook.

###

Contact: David Grubbs, Managing Principal, Charleston Office, 843-814-6111, or dgrubbs@naiavant.com

08/27/2015 - 13:30

Source

NAI Global

Want more news about NAI Global? Click here