Greenville Area Retail space increased by over 1,000,000 SF in 2004. Most new construction is focused on the I-385/I-85 area of Woodruff Road. This area of Woodruff Road has become a "super regional retail node" for the upstate of South Carolina. The overall vacancy rate for the surveyed market declined to 9.75% in 2004 from 11.96% in 2003. Average rents increased to $12.23/SF, an increase of 5.30%.
The Shops at Greenridge on Woodruff Road is adding 600,000 SF anchored by Lowes, Best Buy, Marshalls, Ross, and Dick's Sporting Goods. Most stores will be opening in 2005.
The North Hampton Market on Wade Hampton Blvd. added 200,000 SF anchored by Target, Marshalls, and Petsmart. Panera Bread is opening its first free standing store in this market in an outparcel in front of Target.
Pleasantburg/ Laurens Rd/ Haywood Rd.
Big Box vacancies appear to be improving in this market area with Old Time Pottery going into the former K-Mart space on Laurens Road, and Wal-Mart is rumored to be coming back to Laurens Road and take two currently empty Big Box spaces. On the down side Rhodes Furniture is closing on Haywood Road leaving another large void in that center.
Mauldin/ Simpsonville (Woodruff Road)
This Market Area continues to set the pace for new retail construction. The 600,000 SF Shops and Greenridge is well under construction with most shops planning 2005 openings. The Shops at the Point is scheduled to begin construction in 2005 and will feature Whole Foods Market, which specializes in natural and organic products, and a Circuit City. Publix opened its first store in Mauldin at Hwy 276 & Butler Road. They renovated a former Winn Dixie.
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