Aug
01

Columbia Retail Market on the Upswing

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A commercial real estate firm’s survey of the retail market in Columbia shows business is on the upswing with tenants filling empty big box spaces that were vacated in recent years.

“Activity has been strong in the major retail corridors of the Congaree Vista, Forest Acres, Lexington and Harbison,” Grubb & Ellis Wilson Kibler said in its second quarter 2011 report.

Overall, 281,000 square feet of retail space has been filled in 2011, Grubb & Ellis said. Aiming to fill vacant storefronts, landlords have trimmed rents an average of 4% across the market since the last quarter of 2010. Rents, though, are holding steady in the popular retail corridors, the report said.

As far as filling big box space, the reported noted that It’s Fashion has moved into the Landmark Square Shopping Center at Garners Ferry Road and Interstate 77. Meanwhile, the former Goody’s location on Bower Parkway is being taken over by Steinmart’s newest store in Columbia and expansion of neighboring Dick’s Sporting Goods.

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