New homes will enhance the need for retail

Key Takeaways

  • Residential growth will lead to increased retail development.
  • Rental rates continue to rise across most regions.

Market Conditions

Shopping Center Retail

The Charleston shopping center retail market vacancy rose to 6.34% from last quarter and the non-core vacancy rate was 8.83%; however, the core shop space vacancy rate remained at 4.10%. The overall triple net average shop space rental rate rose to $21.30 per square foot, 3.1% higher than the second quarter. The average triple net rental rate in non-core shop space was $20.53 per square foot while core shop space rent average remained essentially unchanged at $22.38 per square foot.

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