The retail market in Greenville's central business district is healthy with low vacancy rates, rising market rents and sales prices, and decreasing CAP rates. With prime retail spots full and burgeoning demand from national retailers, once local staples are transitioning to the next generation of retail.
3.4%
Vacancy rate
As of January, the vacancy rate is below the 10 year average of 4.77%. Hard-to-lease Main Street spaces that have been vacant for years are now full and retailers eager to enter the market are searching for new opportunities.
$25.80
Asking rent
Asking rates per sf continue to increase. Rare 2nd-gen restaurant spaces are leasing for upwards of $40 per sf, in some cases including additional percentage rent. Additionally, downtown retail rates have increased by nearly $3.00 per sf over the past two years.
6.4%
Cap rates
Purchase opportunities for downtown retail buildings are scarce. The shortage of these availabilities paired with the increase in demand from quality and credit tenants contribute to the steady decline in CAP rates.
Featured listing
426 N Main Street
Call for offers due 2/13
Submarket: Downtown Land area: 2.66 acres Building size: 10,000 sf
New stores, restaurants coming to Greenville County Square redevelopment
News staff, Fox Carolina
Officials announced six new tenants coming to the $1 billion redevelopment of Greenville County Square. Leases are being signed for the mixed-use property where roads and infrastructure are under construction.
Our universe is growing this week as McDonald's starts testing CosMc’s, a new small-format, beverage-led concept that’s truly out of this world. Inspired by nostalgia and powered by a menu of bold, refreshing beverages and tasty treats, CosMc’s is landing earthside for us humans to enjoy.
Mastercard SpendingPulse: U.S. retail sales grew +3.1%* this holiday season
mastercard.com
According to preliminary insights from Mastercard SpendingPulseTM, U.S. retail sales excluding automotive increased +3.1% year over year this holiday season, running from November 1 through December 24.
The retail sector has defied CRE trends, showcasing considerable strength. Driven by strong fundamentals including low vacancies, limited new development and rising rents, many are approaching the sector for opportunity. Mixed-use has something to do with that
This message and any attachments are confidential. If the reader is not the intended recipient, you are hereby notified that any dissemination, distribution or copying of this email is strictly prohibited. If you have received this email in error, please notify the sender immediately by return email. The sender does not accept liability for any errors or omissions in the context of this message which arise as a result of Internet transmission.
