Changing Retail Trends
- The overall retail vacancy rate in Greenville, SC increased to 11.44% at the end of the second quarter of 2013 due to big box closures.
- Shop space saw the greatest activity resulting in decreased availability and average rental rates increasing to $13.79 NNN per square foot.
- The food service industry is expanding its presence in the Upstate South Carolina region as new restaurants enter the market.
- BlueCross BlueShield opens its first retail location in the Upstate region.
The retail market in Greenville, SC was up to 11.44% at mid-year 2013, 241 basis points higher than year-end 2012. Despite growth in Greenville, big box retailers Food Lion and K-Mart closed stores in the area contributing to the approximately 220,000 square feet of additional anchor space becoming available during the first half of 2013. In contrast to the net negative absorption of anchor space, junior anchor and shop space collectively absorbed approximately 34,000 square feet of retail space. Average asking rental rates decreased to $6.15 NNN per square foot for anchor space, average asking rental rates remained steady at $10.94 NNN per square foot for junior anchor space and average asking rental rates for shop space increased 21 cents to $13.79 NNN per square foot over year-end 2012.
The Haywood Road retail corridor showed the greatest improvements, dropping 4.73 percentage points to a vacancy rate of 21.33%. Greenville’s downtown also showed great activity with its vacancy rate declining to 11.95%, down 2.89 percentage points over year-end 2012.
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