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2014 Charleston Commercial Market Forecast - Retail market report presented by Margaret H. Brockinton, President, Carolina Retail Property, Inc.
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www.CharlestonCommercialMarketForecast.com
Commercial Real Estate Market Forecast
October 8, 2014 | Daniel Island Club
www.CharlestonCommercialMarketForecast.com
DEMAND POPULATION GROWTH RENTAL RATES VACANCY CHARLESTON BUSINESS DISTRICT AEROSPACE SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES ACTIVITY SUBMARKETS LEASE TERMS EXPANSION NEW CONSTRUCTION DEMAND POPULATION GROWTH RENTAL RATES VACANCY INTERNET BRICKS AND MORTAR SALES
RETAILREPORT
www.CharlestonCommercialMarketForecast.com
Margaret H. Brockinton, PresidentKaitland McCutcheon, Leasing, B.I.C.
[email protected]@carolinaretailproperty.com
www.CharlestonCommercialMarketForecast.com
RETAIL SUBMARKETS
Development Project Approx. Retail SF Estimated Delivery
Midtown- Downtown 16,000 SF 2015
The Corner at Wescott- N. Charleston
162,000 SF 2014
Nexton- Summerville 125,000 SF 2014
Fmr. K-Mart, Redevelopment- Mt. Pleasant
131,000 SF 2015
The Folly Market- South Islands
45,000 SF 2014
Oyster Park- Mt. Pleasant
34,600 SF 2015
www.CharlestonCommercialMarketForecast.com
LOCAL RETAIL MARKET
• Decreased Vacancies• Increase in Rental Rates• Longer Term Leases
www.CharlestonCommercialMarketForecast.com
RETAIL MARKET FORECAST Impact of Boeing Expansion
The Boeing Co. has confirmed its lease of 100,000 square feet of office and lab space for a new Boeing Research & Technology Center in Crosspoint at Palmetto Commerce Park in North Charleston.
320 Acres for Expansion of Final Assembly Campus
The most exciting land-use development in the Charleston market is occurring just north of Boeing’s airport development on a parcel known locally as Palmetto Commerce Park. -Crosspoint is currently owned by a joint venture between Jamestown Properties and Childress Klein Properties.
• 305 acres in North Charleston, located between I-26 and Highway 78. • 8 miles from Boeing’s North Charleston 787 Final Assembly plant and only
9 miles from I-526
The subsequent selection by the Boeing Interiors team to locate their new facility in Palmetto Commerce Park further cements Crosspoint as a key location for future manufacturing and supplier opportunities.Source: www.crosspointcharleston.com
www.CharlestonCommercialMarketForecast.com
THE CORNER AT WESCOTT
Wescott Blvd & Dorchester Road, North Charleston, SCGLA: 166,192 SF, 6,000 SF RemainingHarris Teeter Anchored Shopping Center
www.CharlestonCommercialMarketForecast.com
Boeing Expansion
The Corner at Wescott
www.CharlestonCommercialMarketForecast.com
Source www.nextonsc.com
NEXTONSummerville, SC
www.CharlestonCommercialMarketForecast.com
MOUNT PLEASANT SQUARE/OYSTER PARK
Ben Sawyer Blvd & Rifle Range Road, Mount Pleasant
GLA of Existing Shopping Center: 106,610 SF
GLA of Expansion “Oyster Park”: 288,282 SFIncludes: 254 Class A Luxury Multi-Family Units33,803 SF Retail/Commercial SpaceParking Deck
www.CharlestonCommercialMarketForecast.com
KING STREET COMMERCIAL GROWTH
556 King Street – Midtown • 37,000 SF+ commercial
space• Dual-branded Hyatt House
and Hyatt Place hotel• 7-story parking garage
370 & 372 King Street• Renovation
404 King Street• 10 Story, 180 Room
Hotel
The Post & Courier Property• Approx. 12 Acre Mixed Use
320,400 SF retail509,800 SF office/hospitality456,300 SF residential
www.CharlestonCommercialMarketForecast.com
RETAIL MARKET FORECAST Walmart Neighborhood Market Expanding in SC
The Neighborhood Market, typically ¼ the size of Wal-Mart Supercenter, sells traditional store goods with expanded selection of grocery items and prepared foods.
New Locations Include:• Greenville• Myrtle Beach• Greer
www.CharlestonCommercialMarketForecast.com
LOOKING FORWARD…
www.CharlestonCommercialMarketForecast.com
CHARLESTON RETAIL BROKERS
A Special ‘Thank You’ to Our Cooperating Retail Brokers!
Tim Metzler – Retail PropertiesJoe Keenan - Palmetto PropertiesRobert Pratt – Robert Pratt & Co.Trey Lucy - Lucy BelkJay Chambers – The Chambers GroupRox Pollard - Colliers ColumbiaMark Erickson-ThalhiemerGeorge Wilson/Scott Adams – Adams & WilsonJoyce Beach – C.B.R.E.Marcus Kastenholtz – C.B.R.E.Colliers Columbia