Colliers Report: Constrained retail construction and turnover create opportunitiesMarch 23, 2023
Commercial Real Estate Research & Forecast Report
Q4 2022 Charleston Retail
Headlines have been filled in recent years with stories announcing the “demise of retail”. In reality, vacancies have declined to the lowest levels in decades and rents have risen. In some cases, landlords have been anxious to get junior anchor and anchor spaces back to be able to lease to tenants who are expanding and who can pay higher rental rates.
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- Vacancy remains at a historic low
- New development in the primary retail corridors is very limited with the exception of the Nexton/Summerville area
- Landlords anticipate junior anchor vacancies in 2023
Most recently, Bed Bath & Beyond and Tuesday Morning announced a significant number of store closures. Because their average store size is between 20,000 and 30,000 square feet and most are in desirable retail corridors, these spaces will be quickly leased to new tenants like Five Below, Pop Shelf, Painted Tree Boutiques and Burlington.
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