A Changing Market - Grocer Acquisitions & New Retailers
- The overall retail occupancy rate increased to 91.70% during the third quarter of 2013.
- Average asking rental rates increased throughout the quarter for anchor, junior anchor and shop space.
- Developments are under construction in the Northeast Columbia and Lexington submarkets.
- New retailers make an appearance and existing retailers expand their footprint in the market.
- Grocer acquisitions announced throughout the Carolinas and southeast region.
The Columbia, SC retail market continued to improve throughout the third quarter of 2013 with a lower market vacancy rate of 8.30%, and increased average asking rental rates. Average asking rental rates for anchor, junior anchor and shop space were $7.40, $6.76 and $14.69 per square foot per year, respectively. The greatest improvements were seen in the North Columbia, Southeast Columbia and Lexington submarkets which decreased by 162 basis points, 160 basis points and 60 basis points, respectively.
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