Retail Developments Rising Up
- New retail developments planned and under construction in major submarkets.
- National retailers continue to enter the market.
- Downtown Columbia continues to grow. New hotels are announced for the Vista.
- Vacancy rate is holding steady. Rental rates are on the rise.
The Columbia, SC retail market ended the third quarter of 2014 with a vacancy rate of 8.85%, slightly higher than the mid-year 2014 vacancy rate of 8.68%. Overall asking rental rates for anchor, junior anchor and shop space averaged $6.98 NNN, $8.22 NNN and $13.86 NNN, respectively, at the end of the third quarter of 2014. The highest asking rental rates for shop space were found in the Northeast, Forest Acres and Downtown submarkets, which had average asking rates of $17.28 NNN, $17.11 NNN and $16.00 NNN, respectively. Some tenants in the Congaree Vista are paying rents in the $30s.
Despite a stable vacancy rate over recent quarters, the market is experiencing significant growth with new big box anchored retail centers being developed throughout major submarkets.
- Plans for Killian’s Crossing in the Northeast Columbia submarket are underway and gaining momentum. The development, to be located at the intersection of Clemson Road and Farrow Road, will offer multifamily and single family residential units, hotel space along with retail space and outparcels. McDonald’s is currently under construction and nearing completion.
- Academy Sports, which opened earlier this year in the Harbison/St. Andrews submarket, will anchor a redevelopment along Park Terrace Drive at the former Staples and Hudson Smokehouse site. Guitar Center plans to enter the Columbia market and occupy space adjacent to Academy Sports. The development, which is under construction behind Columbiana on Park, will offer approximately 31,500 square feet of shop space in two buildings. Sport Clips and Salsaritas plan to locate in the center.
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