Healthy & Active Retail Market

Key Takeaways

  • 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. 

Current Conditions

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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