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www.CharlestonCommercialMarketForecast.com Commercial Real Estate Market Forecast October 8, 2014 | Daniel Island Club

Retail Market Report | 2014 Charleston Commercial Market Forecast

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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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Page 1: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

Commercial Real Estate Market Forecast

October 8, 2014 | Daniel Island Club

Page 2: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 3: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

Margaret H. Brockinton, PresidentKaitland McCutcheon, Leasing, B.I.C.

[email protected]@carolinaretailproperty.com

Page 4: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 5: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

LOCAL RETAIL MARKET

• Decreased Vacancies• Increase in Rental Rates• Longer Term Leases

Page 6: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 7: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 8: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

Boeing Expansion

The Corner at Wescott

Page 9: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

Source www.nextonsc.com

NEXTONSummerville, SC

Page 10: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 11: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 12: Retail Market Report | 2014 Charleston Commercial Market Forecast

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

Page 13: Retail Market Report | 2014 Charleston Commercial Market Forecast

www.CharlestonCommercialMarketForecast.com

LOOKING FORWARD…

Page 14: Retail Market Report | 2014 Charleston Commercial Market Forecast

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