- The Columbia, South Carolina retail market continued to maintain very high occupancy levels during the first six months of 2000. The Colliers Keenan Retail Market Review encompasses 7,483,905 square feet of anchored strip shopping centers in the Columbia, SC MSA. As of mid year 2000, the overall occupancy rate was 90.5%. This compares to an occupancy rate of 90.6% as of mid year 1999.
- The average rental rate for "in-line" retail space in the Columbia area is $10.42 per square foot, an increase from $9.79 per square foot in mid year 1999. The average cost for prorated real estate taxes, insurance and common area maintenance pass through expenses for the Columbia area is $1.56 per square foot compared to $1.40 one year ago.
- The occupancy rate for Columbia's regional malls which total 3,481,751 square feet is 95.1 % as of mid year 2000. This occupancy level is up substantially from the mid year 1999 level of 85.0% due primarily to absorption of space at Dutch Square Center and the reduction of retail space in Richland Mali wherein retail space was converted to office space. The average rental rate for the enclosed malls is $27.38 per square foot with common area charges inclusive of all pass through expenses averaging $8.77 per square foot.
- The forecast for the Columbia retail market is for continued absorption of retail space along with the rapid development of new shopping centers in specific areas. The Harbison I St. Andrews, Lexington, Northeast and the Southeast Columbia markets will continue to experience excellent growth in new shopping centers. These markets continue to respond to the rapid growth of residential developments in these areas.
- Rental rates will continue to rise throughout the Columbia area as occupancy rates increase slightly in the coming twelve months.
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