Feb
07

Columbia Retail Vacancy at Lowest Point in Three Years

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The Columbia-area retail market slipped to its lowest vacancy rate in three years as national merchants expanded their operations, according to Colliers International’s latest quarterly report.

The market’s vacancy rate dropped 26 basis points since mid-year and finished 2012 at 8.14%, the commercial real estate firm said. In a year-to-year comparison, the fourth-quarter vacancy rate dropped more than a half-point from 8.68%, which was recorded at the end of 2011.

Several factors influenced the falling vacancy rate, Colliers said. “While other markets were adversely affected by the recent recession, Columbia’s retail market stayed afloat due to lack of overdevelopment in pre-recession years,” Colliers said.

Although closings of national retailers left big-box retail space vacant, the facilities have been filled by other retailers moving to or expanding in the market.

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