Aug
04

Colliers: Columbia Retail Vacancy at 8.4%

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Although leasing activity is brisk, the vacancy rate for retail space in the Midlands remained flat for the second quarter of 2014, according to a new market report issued by Colliers International. The three-month period, which ended June 30, closed with a vacancy rate of 8.37%, slightly higher than the first quarter 2014 vacancy rate of 8.28%, Colliers reported.

Meanwhile, Colliers expects vacancy rates to remain low with space becoming difficult to find in primary retail corridors.

“Rental rates are holding steady, but anticipated to increase as vacancy rates continue to decline,” the firm reported. “Downtown retailers will benefit from the growing residential population. New development and redevelopments will become necessary for growth in future quarters as existing inventory nears full occupancy.”

The slight rise in the net absorption rate was the result of Piggly Wiggly closing its Northeast Columbia location at 2000 Clemson Road and does not accurately depict market conditions, Colliers said. “The market continues to excel and attract new national retailers to the area,” the commercial real estate firm said.

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