Columbia non-core centers outperformed core centers
- Two new shopping centers were delivered to the Columbia retail market this quarter, adding 142,736 square feet.
- Core and non-core absorption offset one another; non-core retail space absorbed 54,958 square feet, while core space posted a net negative absorption of 52,079 square feet.
2018 Market Recap
Over the past year, the overall average vacancy rate increased from 10.16% during the fourth quarter of 2017 to 10.70% during the fourth quarter of this year. The retail market posted a net negative annual absorption of 20,957 square feet. The Cayce/West Columbia, Golden Triangle and Northeast Columbia submarkets posted negative absorption, while the Lexington, North Columbia and Southeast submarkets had positive annual absorption; downtown Columbia retail absorption was flat. Columbia average weighted retail rental rates for the remaining space increased over the past 12 months and is now $17.57 per square foot due to high-quality new retail space being delivered to the market. There were six retail shop spaces delivered to the market during 2018, which added 257,707 square feet.
The Columbia shopping center market is comprised of approximately 13.39 million square feet and absorbed 2,879 square feet during the fourth quarter of 2018. Core and non-core absorption offset one another; while non-core retail space absorbed 54,958 square feet, the core retail sector posted a net negative absorption of 52,079 square feet. Overall average shop space weighted rental rates averaged $17.57 per square foot during the fourth quarter of 2018, down slightly from the last quarter average of $17.88 per square foot. Core average weighted rental rates are up from $19.91 per square foot during the third quarter of 2018 to $20.75 per square foot this quarter; non-core shopping center weighted rental rates averaged $15.66 per square foot.
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