Coastal Tides Retail Newsletter – August 2014
Charleston Once Again Named Top City in U.S.
The Holy City has done it again! For the second consecutive year, Charleston has been chosen as the “Top City in the United States and Canada” by Travel + Leisure’s readers. Just as impressive, the city was also picked as the second best in the world. Read More
TINA Stephens opens at 278 King Street
TINA Stephens™ announced the opening of its newest retail location
National Tenants Compete for Limited Retail Space!
- Market vacancy rate is down to 6.32%. Downtown vacancy rate is just 3.56%. Rental rates averaged $17.72 per square foot for shop space with some tenants seeing rates as high as $77 per square foot in the Downtown submarket.
- The retail market is becoming a landlord’s market as available retail space runs scarce.
- The trend of recycling retail space continues. New development activity is picking up.
- New restaurants make Charleston debut.
- Job creation is driving the suburban retail market attracting grocers, restaurants and sporting goods stores.
DOWNLOAD LINK – Q2-2014 CHS Retail Market Report
This week’s installment of the Landlord and Tenant Tips we will cover the steps to cover when Hiring a Commercial Real Estate Broker.
First you RECOGNIZE you need a professional. It may hit you like a ton of bricks or it may have taken you years with no results to arrive at this decision. You may be a Landlord who needs to lease vacant space or sell a property, or a Tenant interested in a new location or a renewal of a current one. The good news is you’ve completed the hardest part!
Doesn’t matter how you got here, it only matters that you have (or almost have). Check that off your list and move to the easy part. Second step is
Welcome to the #Landlord Tips and #Tenant Tips section of the Charleston Retail Commercial Real Estate blog.
Today we discuss Landlords and Tenants, their roles and what is typical or reasonable to expect from each other and how we memorialize the agreement at a Shopping Center.
Let’s begin with the Landlord and the question “What is a Landlord?”.
Landlord, most simply, is the one who receives rent. The Landlord can be an individual person like my Mom, or it can be a global investor like http://www.blackstone.com/. You may deal directly with my Mom, or the regional manager of the local company or a fund (group of investors) that may own the property. Regardless of who you deal with as the Landlord (and don’t underestimate Mom), they are in the role to manage and increase the value of the property. This is very important to be aware of because it creates adverse position to that of a Tenant. Exactly what the Landlord bargains to provide to the Tenant will vary based on multiple factors, but for now lets stick to a suburban retail shopping center building as the property the Tenant would like to Lease. In our Shopping Center, let’s call it “Charleston Square,” the Landlord provides
Coastal Tides Retail Newsletter, July 2014
The Dallas-based retailer of closeout housewares and decor relocated to 680 Long Point Road, adjacent to PetSmart, after leaving its store on Coleman Boulevard about a year ago to make way for the Southern Seasons outlet.
Design plans submitted to the town of Mount Pleasant reveal a new facade and a restructuring of the shopping center’s five parcels. The former Kmart superstore, which closed in January, will be split into two storefronts designed for Nordstrom Rack and Dick’s Sporting Goods.
After an exhaustive search, Ruth’s Chris Steak House has selected
“The best time to plant a tree was 20 years ago. The second best time is now.”