PrintPrintA report by Lincoln Harris shows the Charleston-area retail real estate market is showing mixed signs of improvement.
Staff Report
Published July 16, 2012
A growing labor force in Charleston, and growth in manufacturing employment, has led to changes in the retail sector, according to a report by Lincoln Harris.
Vacancy rose slightly to 8.01% — up from 7.87% in the first quarter. But as more space became available, overall rent dropped slightly to $12.76 per square foot.
Downtown Charleston’s vacancy dropped nearly 2% to 6.24%, the largest drop of all submarkets.
Tenants in the downtown market are seeing movement by entrepreneurs and businesses into non-traditional retail spaces, including stores located on the second or third floors of buildings.
Two new retail spaces slated for Mount Pleasant and Summerville suggest a positive outlook for the retail space future, the company said. The Boulevard broke ground in March off Coleman Boulevard and will feature 29,288 of first-floor retail space.
A 12,725 square foot speculative project at Azalea Square Shopping Center in Summerville will add to the commercial inventory in that area.
Submarket vacancy breakdown
| Submarket | Inventory | Vacant Square Feet | Vacancy |
| Downtown | 414,652 | 25,890 | 6.24% |
| East Cooper | 3,435,466 | 286,459 | 8.34% |
| Goose Creek | 933,178 | 76,417 | 8.19% |
| North Charleston | 5,648,096 | 570,578 | 10.10% |
| Summerville | 2,671,703 | 126,252 | 4.73% |
| West Ashley | 4,553,564 | 328,725 | 7.22% |
| West Islands | 1,333,413 | 107,437 | 8.06% |
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