This document summarizes the 2015 Charleston retail market forecast. It finds that the retail vacancy rate declined to 5.1% in 2015, the lowest in years. Rental rates increased across submarkets like Downtown, West Ashley, and Mount Pleasant. Several large planned mixed-use developments were outlined, including Nexton Square, Ingleside Plantation, and West Edge, totaling over 1.5 million square feet of new retail space. Continued population and tourism growth is fueling demand for both national and local retailers in the Charleston area.
4. Total Retail By Submarket
Downtown
West of the Ashley
North Charleston
Mount Pleasant
Summerville/Goose
Creek
Daniel Island
www.CharlestonCommercialMarketForecast.com
6. Southeast Retail Vacancy Rate
Greenville
12.3%
Columbia
8.5%
Charleston
5.1%
Raleigh
6.3%
Charlotte
8.7%
Greenville
12.3%
Columbia
8.5%
Charleston
5.1%
Raleigh
6.3%
Charlotte
8.7%
7. Retail Vacancy by Submarket
0.0%
2.0%
4.0%
6.0%
8.0%
Downtown
West of the
Ashley North
Charleston Mount
Pleasant Summerville/
Goose Creek Daniel Island
2014 2015
www.CharlestonCommercialMarketForecast.com
9. Rental Rate by Submarket
$42.65
$14.77
$11.72
$18.55
$12.08
$17.16
$0.00
$5.00
$10.00
$15.00
$20.00
$25.00
$30.00
$35.00
$40.00
$45.00
Downtown West of the
Ashley
North
Charleston
Mount
Pleasant
Summerville Daniel Island
2014 2015
www.CharlestonCommercialMarketForecast.com
10. King Street Rental Rates
www.CharlestonCommercialMarketForecast.com
$55/FT$75/FT$45/FT
24. 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!
www.CharlestonCommercialMarketForecast.com