Published Oct. 24, 2012
Retail real estate space decreased in the third quarter with a net absorption of 85,900 square feet in the Charleston metro area, according to a report by Lincoln Harris.
More than 84% of all activity in the retail market this year took place during the third quarter with national retailers including Badcock Furniture, Garden Ridge, Jo-Ann Fabrics and Crafts, and Hobby Lobby opening their first locations in the Charleston area.
Goose Creek has the largest percentage of available retail space with a vacancy rate of 10.2%. North Charleston is close behind with 9.68% of retail space available for rent.
Overall, the market’s vacancy rate sits at 7.68%, compared to 8.13% in the second quarter. In the downtown area, 29,288 square feet of space is under construction. The only other submarket with new construction is Summerville, which has the lowest vacancy rate. Summerville has 12,725 square feet of space under construction to help alleviate a 3.65% vacancy rate.