Healthy & Active Retail Market
- Retail activity was up during the first quarter of 2014 which ended with a high occupancy rate of 91.7%.
- Shopping centers sold during the early months of 2014.
- Grocery wars continue.
- Gyms and athletic clubs are increasing their presence in the Columbia market.
The market experienced increased leasing activity during the first quarter of 2014 which ended with a low vacancy rate of 8.28%, down 44 basis points over year-end 2013. The lowest vacancy rates in the market are in Forest Acres, Lexington and Downtown submarkets which had vacancy rates of 0.66%, 1.49% and 2.63%, respectively. The Harbison/St. Andrews submarket showed the greatest improvements during the quarter dropping 161 basis points to a vacancy rate of 9.85%.
Overall average asking rental rates are up for Junior Anchor and Shop space which were $8.17 and $14.43, respectively, at the end of the quarter. Anchor average asking rental rates were down slightly to $7.25. Downtown and Northeast Columbia submarkets held the highest average asking rates for shop space at $21.40 and $17.94, respectively.
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