Nov
02

Economic Conditions Improving for Daniel Island

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One look at the 17 plus vacancies in first floor retail and restaurant spaces in the island’s town center district and it is clear there is room for improvement. While overall economic conditions seem to be improving, particularly for office space vacancies, Anchor Commercial Real Estate broker Reid Davis noted that the retail sector is still struggling.

“The real estate market is still tough,” said Davis. “But Daniel Island as a whole, at least on the office side, has absorbed a lot of space and there are some new tenants out there…On Daniel Island there are just unfortunately not enough warm bodies yet to support a lot of retailers.”

Could high rents be to blame for many of the closings in recent years, a complaint voiced by Island Town Café owner Linda Hitchcock before vacating her space in late September? According to Davis, the average rent in the Publix Shopping Center for example is approximately $19 per square foot, as compared to $21 a square foot in the Belle Hall Shopping Center in Mount Pleasant.

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