Retail Review V1 2024 FINAL - Flipbook - Page 12
SUBMARKET OVERVIEW
Charleston is telling a similar story, albeit a bit more optimistic. In昀氀ation and consumer
hesitancy to spend is having an effect on local Charleston retail, but the sustained
population growth well above the national average swings the pendulum back into
positive territory. We’re seeing above-average growth for well-located neighborhood
shopping centers, strip centers, and standalone retail. The brightest spot in our market
is our downtown High-Street corridor (King Street). We’ve seen a string of recordbreaking new leases along King Street as tourists and locals re-emerge with wallets open.
Here is a breakdown of our seven distinct submarkets from a retail perspective:
Submarket
Total SF
Vacant SF
Vacancy Rate
Under
Construction
(SF)
Asking Rate
Daniel Island
683,021 SF
50,385 SF
7.4%
44,000
$21.78/SF
Dorchester County
6,296,970 SF
127,413 SF
2.0%
51,454
$19.26/SF
Downtown Charleston
4,739,957 SF
149,135 SF
3.1%
0
$44.47/SF
Mt. Pleasant/Awendaw
7,121,274 SF
244,069 SF
3.4%
0
$31.21/SF
North Charleston
10,246,070 SF
247,261 SF
2.4%
58,000
$17.37/SF
Outlying Berkeley
County
9,165,991 SF
140,171 SF
1.5%
106,859
$28.89/SF
James Island
1,859,581 SF
56,965 SF
3.1%
0
$27.41/SF
West Ashley
7,321,694 SF
271,189 SF
3.7%
88,631
$22.13/SF
MARKET TOTALS
47,434,558 SF
1,286,588 SF
3.3%
297,490
$26.57/SF