Columbia's Shopping Center Inventory remains StableJuly 19, 2008
COLUMBIA, SC – July 18, 2008 – Through the first half of 2008, Columbia’s 19 million square feet of shopping center inventory remained relatively stable, compared to year-end 2007. The overall occupancy rate continued to hover around 91 percent, in part due to minimal new space entering the market during this six-month period.
Generally, neighborhood community and lifestyle centers (92 percent occupancy) continued to outperform both the regional malls and the un-anchored retail specialty centers (88 percent occupancy).
Since the beginning of the year, market absorption has been strongest in the Northeast submarket, with only modest net absorption elsewhere in the region. Shopping center occupancy rates in the Lexington, Redbank and Chapin/Ballentine submarkets continued to be the highest in the region.
NAI Avant’s commercial real estate business is one of the largest in South Carolina. Through its 60 employees and agents, the firm provides comprehensive brokerage, leasing, development and property management services. The company brokers in excess of $300 million annually. For the past 25 years, the group has had more of its brokerage professionals recognized as top producers than any other firm in South Carolina. NAI Avant’s Property and Construction Management Group currently manages 82 properties encompassing more than 2.8 million square feet across South Carolina. Find out more about NAI Avant and its services at www.naiavant.com.