New and improved approach to retail
- Rents remain stable in core space and continue to rise in non-core retail space.
- The overall market absorption was 119,395 square feet relative to last quarter.
High quality, consumer-experience grocery stores are in demand, and Greenville is ahead of the curve as the market looks forward to three new grocery additions. Excitement surrounded the October 18 grand opening of the Publix in Simpsonville located at the corner of Fairview and Harrison Bridge roads. Also, a new Aldi grocery store is currently under construction on Pleasantburg Drive near Cherrydale Point, and Lowe’s Foods, located in the Village Market-East Shopping Center at the corner of Sunnydale Drive and Woodruff Road, opened its doors this year. Two Harris Teeter locations, one on Augusta Road and another at North Pointe, are scheduled to open in 2018. In addition, Greenville residents are happily anticipating construction beginning on the Top Golf site located near the intersection of Pelham and Garlington roads. The three-story Garlington Park site will anchor a new mixed-use development.
Greenville retail has seen fluctuations throughout this past year in vacancy and rental rates; the overall market vacancy in core shopping center space is up to 5.74% this quarter, a bit higher than the vacancy rate a year ago, which was 3.90% during the fourth quarter. However, the non-core vacancy rate has ended its cycle back to 12.24%, the same rate as a year ago. Overall, average triple net market rental rates in the Greenville-Spartanburg-Anderson retail market have slightly risen to $13.64 per square foot this quarter, compared to $13.37 per square foot during the fourth quarter of 2016.
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