May
23

NAI: Columbia Retail Rents on the Rise

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An influx of retailers and restaurants into the Columbia market is pushing up rental rates for commercial real estate, NAI Avant reports.

The average rent for retail space in the Midlands rose 3.78% from Dec. 31 to the end of the first quarter, said NAI Avant’s Marilynn Joyner, author of the firm’s retail market report for the first quarter. Rental rates for retail space averaged $11.12 per square foot on March 31 compared with $10.98 per square foot at the end of the fourth quarter, Joyner said.

The central business district submarket in downtown Columbia maintains the strongest rental rates, averaging $16.03 per square foot, with the Dutch Fork-Irmo, southeast Columbia and Lexington submarkets reporting average per-square-foot rental rates of $11.74 and $11.84, respectively, the report said.

A negative absorption of more than 108,000 square feet pushed up the region’s vacancy rate to 7.8% at the end of the quarter from 7.5% in the previous quarter.

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