Demand Exceeds Supply, Drives Development of New Retail Space

2014 Colliers Charleston SC Retail Report

Demand Exceeds Supply, Drives Development of New Retail Space

COLLIERS INTERNATIONAL | SOUTH CAROLINA
Q4-2014 CHARLESTON RETAIL MARKET REPORT

KEY TAKEAWAYS
· Downward trending vacancy rate. Rental rates steadily increasing.
· New construction and redevelopments are strong throughout the market.
· Grocery wars continue.
· Grocery stores and outdoors sporting goods stores anchor new suburban developments.
· Tourism drives downtown growth. Suburban growth is driven by job creation and population growth.
· 2015 likely to bring new retailers and continued success.

CURRENT CONDITIONS
2014 was a significant year for the Charleston, SC retail market, full of new construction, redevelopments and new tenants opening or announcing plans to enter the market. Vacancy rates declined and rental rates climbed, especially along downtown’s King Street, throughout the year. The fourth quarter ended with an overall vacancy rate of 5.02% for the market, down from the third quarter vacancy rate of 5.44% and year-end 2013 vacancy rate of 6.91%.

Shop space asking rental rates averaged $19.51 NNN at year-end 2014, up 3.5% from the third quarter, largely due to spikes in rental rates along King Street. Tenants along King Street are seeing rates vary from $30 to $70 NNN, with the lowest rates along Upper King Street and highest rates along Middle King Street. Asking rental rates for suburban shop space averaged $16.70 NNN, holding steady over the third quarter average, but increasing from $16.34 NNN a year ago.

Coastal Tides Retail Newsletter – August 2014

Coastal Tides Retail Newsletter – August 2014

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NewImage.png 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

TINA Stephens opens at 278 King Street

TINA Stephens™ announced the opening of its newest retail location

Welcome to www.JohnOrr.com

WELCOME!

Howdy y’all,
I appreciate you surfing by here to check out the “Official Launch” of my Blog.  This has been in the works for a long time and my good friend Duke Long has been instrumental in motivating me.  First by naming me to this prestigious list of the Top 10 Most Influential Online Commercial Real Estate People in 2013 and then the 2014 Top 100 Commercial Real Estate People You Must Follow On Twitter.  Of course you all repeatedly telling me how inadequate my website really was helped too!

Before I get too far along about what you can expect to find here, allow me a moment to introduce myself – I am John Orr CCIM, a lifelong Retail Commercial Real Estate practitioner.  I’ve been active for a long time (at least in relative timelines) in the social media spaces – TwitterLinkedINFacebook, Google+, YouTube.

As we get to know each other over the coming weeks and months I will introduce our Charleston Retail Team here at Colliers International as well as post Market Reports, post for Restaurant Recommendations, and whatever strikes me from time to time.  Now, even with all that great stuff to talk about my main goal is to explore today’s issues facing Landlords, Tenants, Sellers and Buyers – and the occasional Developer’s Corner post and of course our monthly Coastal Tides Newsletter.  These are the things that impact us everyday.  The names may (or may not) be changed to protect the innocent but all the stories here are real because Truth is stranger than Fiction!

Thanks again for taking the time to check it out and please take a moment to Subscribe in the box on the right.  I believe inboxes are sacred and promise not to send anything to you that I wouldn’t want to receive myself.

Thank You Very Much!

John

Coastal Tides Newsletter July 2014

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Coastal Tides Retail Newsletter, July 2014

Tuesday Morning Logo

Tuesday Morning opens new store in Mount Pleasant

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.

Dick's Sporting GoodsNordstrom Rack

Nodstrom Rack, Dick’s Sporting Goods plan to replace former Kmart in Mount Pleasant

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.

Ruth's Chris

Ruth’s Chris Steak House to open in hotel near Charleston City Market

After an exhaustive search, Ruth’s Chris Steak House has selected

Coastal Tides Retail Newsletter – June 2014

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Retail Market is Back in Business as RECon 2014 Wraps Up

By the end of the day Tuesday it was clear that the industry’s expectations for the 2014 RECon show had been fulfilled-the retail real estate market is once again vibrant, with tenants signing new leases, lenders clamoring to offer debt for new acquisitions and multiple investor classes looking to buy retail assets, wherever they may find them.

Read More

More From ICSC RECon 2014

The Changing Dynamic Between Retail Landlords and Tenants

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How to Turn Around a Challenged Center Around

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Don’t Overthink It; Do the Retail Deal

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Large Box Shifts to Smaller Formats

Read More

 Outdoor retailer Gander Mountain picks

Charleston Spring Restaurant Menu

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Spring has sprung in the Lowcountry of Charleston, SC.  The Masters, Passover, Easter Weekend, and of course pollen are the marks of spring.  Along with long awaited warm weather comes the annual pilgrimage of some 4.5 Million Tourists to the Holy City. It seems as if close to half these people ask @ElyseChubb or @JohnOrrCCIM for a restaurant Recommendation.  So, in the interest of encouraging Culinary Tourism we have published our first annual Charleston Spring Restaurant Menu of our favorite eateries and watering holes!  We hope you enjoy! Download your Charleston 2014 Spring Restaurant Menu Here

Please leave any feedback or comments on your choice(s).  It’s a tough restaurant world out there, so keep ‘em REAL!