Lexington coins a new identity
- Average triple net core area rental rates slowly increase.
- Lexington will draw new retailers and consumers in 2018.
2017 Market Recap
Over the past year Columbia’s retail market overall posted a net negative annual absorption of 68,327 and the core area shopping centers (please see definitions on Page 2 of this report) posted a net negative annual absorption of 67,966 square feet. However, the average triple net shop space rental rate rose to $21.64 per square foot, a 6.50% increase over the core area rent during the fourth quarter of 2016. The shopping centers located in non-core area shopping centers ended the year with the triple net average shop space rent decreasing slightly to $11.44 per square foot compared to $11.98 per square foot one year ago. Urban retail average triple net rent also rose to $23.00 per square foot.
Lexington is a trendy new hotspot
This year the Lexington submarket is expected to draw new retailers to accommodate the housing boom, and complement the swanky nightlife scene forming along the Town of Lexington Main Street. Since the addition of the Icehouse Amphitheater in 2016, Lexington’s Main Street began a transformation. Now customers can stroll alongside brick-lined streets and choose from a plethora of eclectic cuisine and craft beer options in unique restaurant atmospheres. The Town of Lexington has a mix of both classic favorites and new attractions along Main Street, including distinctive restaurants such as: Private Property, offering southern fare; The Mediterranean Cafe, which serves traditional Mediterranean cuisine; Libby’s, which has been serving Lexington comfort foods for over 8 years; Cribb’s Sandwich and Sweet Shop, offering decadent desserts and sandwiches; and The Haven Coffee House, an in-house bean roasting coffee shop. Furthermore, the Lexington community is anxiously awaiting the early 2018 opening of four additional restaurants along Main Street. Alodias Cucina Italiana at 101 W. Main Street and Cafe Strudel at 309 S. Lake Drive are both long-time Columbia favorites at other locations. Bodhi Thai at 126 E. Main Street is new to the Town of Lexington and will open in a redeveloped bank building complete with a vault which has been converted to a wine cellar. Finally, O’Hara’s Public House will be a quaint Irish Pub located at 131 E. Main Street.
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