Staff Report
Published April 11, 2012
A report by Lincoln Harris shows the Charleston commercial real estate market for retail is performing well.
Vacancy for retail space is down to 7.86% for the first quarter, compared to 8.06% in the fourth quarter of 2011. Lincoln Harris attributes the dropping vacancy to local business risk-taking, saying in its report that more people are opening up shops.
Because there is no new retail space under construction, according to the report, the Charleston market relies solely on existing inventory — which is often older than other Southeastern cities.
According to the report, institutional investors say the Charleston market is performing in line with other markets including Charlotte and Atlanta, which have newer retail spaces in inventory.
Five of the seven submarkets report vacancies of between 7.53% and 8.26%. Summerville has the lowest first-quarter vacancy of 4.87%, while North Charleston has the highest vacancy rate of 9.27%.
By the Numbers: Retail space for Q1
| Charleston Downtown Charleston MARKET TOTAL | Inventory (SF) 414,652 18,988,227 | Overall vacant (SF) 33,819 1,492,016 | Overall vacancy % 8.16% 7.86% | Quarter net absorption 0 39,144 | Overall Rent (PSF) $17.61 $13.25 |
Source: Lincoln Harris
