retail report | jeff yurfest
TRANSCRIPT
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RETAIL REPORT
Retail Analysis and Outlook 2015
Presented by: Jeff Yurfest, CCIM
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Total Retail By SubmarketDowntown
West of the Ashley
North Charleston
Mount Pleasant
Summerville/Goose Creek
Daniel Island
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Charleston Retail Vacancy Rate
20112012
20132014
2015
0%1%2%3%4%5%6%7%8%9%
8.25% 8.50%
6.50%6.25%
5.10%
Southeast Retail Vacancy Rate
Greenville12.3%
Columbia8.5%
Charleston5.1%
Raleigh6.3%
Charlotte 8.7%
Greenville12.3%
Columbia8.5%
Charleston5.1%
Raleigh6.3%
Charlotte 8.7%
Retail Vacancy by Submarket
Downtown
West of th
e Ashley
North Charle
ston
Mount Pleasant
Summervi
lle/ G
oose Creek
Daniel Island
0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%
2014 2015
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Asking Rents for Charleston Retail
20112012
20132014
2015
$0.00$2.00$4.00$6.00$8.00
$10.00$12.00$14.00$16.00$18.00$20.00
$14.75 $14.25 $15.25 $15.25$18.40
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Rental Rate by Submarket
Downtown West of the Ashley
North Charleston
Mount Pleasant
Summerville Daniel Island$0.00$5.00
$10.00$15.00$20.00$25.00$30.00$35.00$40.00$45.00 $42.65
$14.77$11.72
$18.55
$12.08$17.16
2014 2015
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King Street Rental Rates
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$55/FT$75/FT$45/FT
Peninsula Growth Effecting Retail
Local and National Boutiques
Sportsman Wars
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New and Expanding Grocers
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Retailers on the rise
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Retailers on the rise
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Planned Developments
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Carolina Park
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300 100 70
Nexton Square
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140,000 Square Feet
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Berlin G Meyers Parkway
Summerville Town Center58 Acres
Heritage Square12 Acres
Ingleside Plantation
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750K – 1 Million Square Feet
Cainhoy Plantation
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300,000 Square Feet
West Edge
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290,000 Square Feet
Courier Square
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19,000 Square Feet
Key Takeaways
• Declining vacancies and increasing development costs create historically high rental rates.
• Strong retailer interest supports new construction.• National expansion continues into Charleston. • Tourism remains beneficial for downtown retailers.• Many large mixed use developments are on the
horizon.• All interior doors must match!
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