New Retail Development Springing Up

Key Takeaways

  • The overall retail occupancy rate in Columbia, SC remained steady at 91.64% during the second quarter of 2013.
  • Average asking rental rates are down from 2012 to $7.28 NNN for anchor space, $6.47 NNN for junior anchor space and $13.06 NNN for shop space in the second quarter of 2013.
  • New developments announced for Lexington and Northeast Columbia retail corridors.
  • Chipotle opened its doors to customers in the Vista.
  • Home Goods opened at Columbiana on Park on the Harbison Boulevard retail corridor joining co-tenants Staples, DSW and Ulta.

Current Conditions

Retail construction activity in Columbia, SC is picking up in 2013, ending the second quarter with a low vacancy rate of 8.36%.  The Lexington, North Columbia, Northeast Columbia and Southeast Columbia submarkets ended the quarter with decreased vacancy rates while Downtown and Forest Acres showed no change when surveying anchored shopping centers.  The Harbison submarket has shown great activity over the past year with its vacancy rate dropping 1.48 percentage points since mid-year 2012 to a rate of 9.85%.  The Lexington submarket is down to a low rate of 2.36% and the Northeast Columbia submarket is down 26 basis points from a year ago to 9.03%.

Over recent quarters, Columbia has welcomed new retailers including Trader Joe’s, Smashburger, Uncle Maddio’s Pizza Joint, Taziki’s and Marco’s Pizza, some of which are already planning to expand their footprint in the market.  New developments are in the works for the Northeast Columbia and Lexington submarkets.  Dental clinics and medical clinics such as Aspen Dental and Doctor’s Care are occupying retail spaces in or near anchored centers.

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