Feb
14

Colliers Releases Year End Charleston Retail Report

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Colliers International has released their Year End 2012 Retail Market report for Charleston. A few highlights include:

  • King Street continues to see the highest lease rates due to the retail sales volume. In addition, King Street’s new acclaim as a “Top 10 Retail Shopping Street” in the nation continues to attract national retail tenants and cater to the tourist retail market.
  • Suburban vacancy rates declined to 8.22% at year-end 2012 from 9.18% a year ago. The decrease in vacancy in the overall market can be attributed to the increase in local retailers opening shops due to the availability of financing.
  • Boeing’s multiplier effect throughout the state ripples down to Charleston retail.
  • Developers are prepared to develop new product based on current vacancy rates.
  • Average suburban asking lease rates remained steady at $15.46 PSF NNN due to big box spaces leasing at lower rates.
  • National and international attention from the media over the past couple years puts Charleston center stage with other global retail markets.

Download the PDF report HERE

Thanks to John Orr, CCIM for submitting this!

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