Greenville defies the nationwide trend of retail closures

Key Takeaways

  • Shop space rental rates are up 1.6% over last quarter.
  • Core shop space will see more experience-oriented and personal service retailers, rather than the traditional shop space users.

Market Conditions

Overall vacancy has risen a bit from last quarter from 10.51% up to 10.97%. On a positive note, the average triple net shop space rents have risen 1.6% from last quarter up to $13.45 per square foot.  The core shopping center triple net rental rate for this quarter also rose to $23.17 per square foot, and in non-core shopping center space the triple net rental rate was $10.81 per square foot. In addition, the overall market absorption, relative to the second quarter of 2017, was positive at 713,189 square feet.  The vacancy rate within core shop space is 6.66% this quarter, which is a little more than half of the 12.84% vacancy rate of non-core space.

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