Core retail occupancy trends upward
- Over the past 12 months, the Charleston retail market absorbed 207,646 square feet, in the fourth quarter of 2019 retail absorption was 87,297 square feet.
- Core vacancy rates have tightened throughout the market and new construction may be necessary in order to meet retail demand in these areas.
2019 Retail Annual Recap
Over the past 12 months, the Charleston retail market absorbed 207,646 square feet; non-core shop space absorbed 154,151 square feet, and core shop space absorbed 53,495 square feet. West Ashley’s annual absorption was 198,962 square feet- the most within Charleston market last year. There were 211,102 square feet of new retail shops added to the Charleston market in 2019, many of which were shop spaces under 10,000 square feet within the West Ashley submarket. The overall market vacancy rate dropped from 5.54% during the fourth quarter of last year to 5.42% during the fourth quarter of 2019. The overall average triple net weighted retail rental rates dropped to $14.28 per square foot overall; core retail space rental rates rose to $23.60 per square foot due to new construction deliveries.
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