Aug
24

NAI Avant Releases Charleston Retail Report

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nai avant logoSimilar to previous quarters, tourism, job creation and subsequent residential growth continued to drive development and strengthen the Charleston retail market throughout the second quarter of 2015. The market maintained its trend in a positive direction with an overall decrease in vacancy and increase in rental rates. Charleston continued to gain prestige, national and international recognition as a top-notch tourism hub. The area gained yet another accolade recently when Travel + Leisure named Charleston the best city in U.S. and Canada for the third time in a row. Tourists are not the only ones taken by Charleston’s charm, however, as interest from National retailers continues to grow, new tenants emerge and others announce plans to join our thriving market. The low to non-existent vacancy rates allowed Landlords to keep the upper hand this quarter, especially in the downtown market and King Street corridor.

Suburban markets also performed well, showing strength and growth as developments moved forward and interest from new and national tenants remained high. Large, mixed-use developments such as Nexton, Carnes Crossroads, and Ingleside Plantation are underway along the I-26 corridor to accommodate the area’s growing population. These developments are subsequently attracting large-scale retailers, such as Bass Pro Shop, to announce openings nearby.

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