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Research & Forecast Report Q3 2013 | RETAIL COLUMBIA, SOUTH CAROLINA RESEARCH & FORECAST REPORT A Changing Market - Grocer Acquisitions & New Retailers KEY TAKEAWAYS > The overall retail occupancy rate increased to 91.70% during the third quarter of 2013. > Average asking rental rates increased throughout the quarter for anchor, junior anchor and shop space. > Developments are under construction in the Northeast Columbia and Lexington submarkets. MARKET INDICATORS > New retailers make an appearance and existing retailers expand their footprint in the Q3 2013 Forecast market. > Grocer acquisitions announced throughout the Carolinas and southeast region. VACANCY CURRENT CONDITIONS NET ABSORPTION The Columbia, SC retail market continued to improve throughout the third quarter of 2013 with a lower market vacancy rate of 8.30%, and increased average asking rental rates. Average asking RENTAL RATES rental rates for anchor, junior anchor and shop space were $7.40, $6.76 and $14.69 per square CONSTRUCTION foot per year, respectively. The greatest improvements were seen in the North Columbia, Southeast Columbia and Lexington submarkets which decreased by 162 basis points, 160 basis points and 60 basis points, respectively. QUICK UPDATES > VACANCY RATE REMAINS STEADY VACANCY RATE TRENDS BELOW 10% > INCREASED CONSTRUCTION > NEW RETAILERS CONTINUE TO ENTER THE MARKET > MAIN STREET AND THE VISTA ATTRACT NEW RETAILERS > RENTAL RATES ON THE RISE www.colliers.com/columbia RESEARCH & FORECAST REPORT | Q3 2013 | RETAIL | COLUMBIA RECENT ANNOUNCEMENTS RECENT ANNOUNCEMENTS The decline in vacancy rate of 36 basis points does not accurately depict the magnitude of retail activity witnessed throughout the market as much of the activity involves new construction and lease signings occurring in non- anchored strip centers and retail space throughout Columbia. > Construction began on a new 71,000 square foot shopping center on Two Notch Road across from the Village of Sandhill in the Northeast Columbia submarket. The new center, being building on 10.96 acres, is to include Hobby Lobby, Great Clips, Vitamin Shoppe, Select Comfort and Aspen Dental and is expected to open in March 2014. > Strictly Running, a locally owned retail outlet for running shoes and clothing, is expanding into a 2,775 square foot retail building at 2515 Devine Street. The company, previously located on Harden Street in Five Points, purchased the retail building with plans to renovate and occupy the space. Sienna on Sunset, Lexington Submarket > Grow Financial credit union has announced plans to enter the South Carolina market by opening a branch in Columbia, SC. The new 2,400 square foot branch, to be located at the Village at Sandhill in the Northeast Columbia submarket, will be the company’s first branch outside of Florida. Grow Financial plans to open 15 branches throughout South Carolina focusing on Columbia, Greenville and Charleston. > Sienna on Sunset, a new strip center located at 5166 Sunset Boulevard in Lexington welcomes new tenants, Zoe’s Kitchen, Tropical Smoothie Café and Applause Catering. Zoe’s Kitchen leased approximately 3,286 square feet and will include a drive-thru and patio seating. Tropical Smoothie Café leased 2,047 square feet and Applause Catering which First Citizens Cafe, Downtown Submarket is relocating from Laurel Street in Downtown Columbia leased 1,200 square feet. ECONOMIC UPDATE > The Hotel Shoppes, a new shopping center to be located near the intersection of I-26 and Lake Murray Boulevard, next to the new Residence Inn by Marriott has announced Zoe’s Kitchen as its first tenant. The center can accommodate an additional two to four tenants. > Urban Outfitters opened its second South Carolina location on Gervais Street in the Vista. > First Citizens Café opened its doors during the third quarter at the newly renovated 143 year old Brennen Building on Downtown Columbia’s revitalized Main Street. > Also new to Main Street is Cantina 76 which will be welcoming its first customers to its new location during the fourth quarter of 2013. Low unemployment rates and high job growth are vital to a > Macs on Main located at 1710 Main Street in Downtown Columbia is healthy economy. The unemployment rate increased slightly to closing. The space was sold to CW’s Grill, a barbecue restaurant that 7.5% for Columbia in August 2013 from 7.3% in July 2013. This currently has a location on Clemson Road in the Northeast Columbia is below the August 2013 state unemployment rate of 8.1%, but submarket. The new restaurant will serve lunch and dinner and have slightly higher than the national unemployment rate of 7.3%. music in the evenings. Greenville, SC and Charleston, SC had unemployment rates slightly lower than that of Columbia at 7.1% and 6.9%, respec- tively. SUPERMARKET NEWS Grocery stores were no strangers to the headlines during the third quarter Total nonfarm jobs in South Carolina were up to 1,890,200 with multiple announcements of acquisitions, construction and closures. jobs in August 2013, a 1.9% increase over the previous year. 358,900 jobs were reported in August 2013 in Columbia, a 1.9% > Piggly Wiggly is feeling the competitive pressure among grocers and increase over August 2012. Greenville reported 310,300 jobs, announced plans to sell 29 of its stores and close two locations. The a 1.4% increase over August 2012, and Charleston indicated grocer will be selling 22 stores to Bi-Lo and 7 stores to Harris Teeter 312,200 jobs in August 2013, a 1.5% increase over 2012. www.colliers.com/columbia RESEARCH & FORECAST REPORT | Q3 2013 | RETAIL | COLUMBIA Anchor Space Junior Anchor Space Shop Space Building Pass Vacancy Rate Count Market Size Throughs Available Asking Rent Available Asking Rent Available Asking Rent Cayce/West Columbia 15 1,180,885 18.09% $1.87 63,609 $6.99 53,061 $6.00 96,930 $11.19 Downtown Columbia 5 304,475 1.45% $7.02 - - - - 4,400 $18.45 Forest Acres/East Columbia 3 775,469 1.94% - - - - - 15,044 $18.51 Harbison/St. Andrews 33 3,441,558 10.34% $3.53 126,786 $8.82 53,023 $8.00 176,065 $12.42 Lexington 14 1,569,510 2.03% $2.88 - - - - 31,837 $12.92 North Columbia 6 389,774 13.04% - 36,000 $8.00 - - 14,808 $10.00 Northeast Columbia 23 3,867,113 8.69% $6.75 109,581 $6.21 28,705 $6.37 197,608 $18.40 Southeast Columbia 8 1,011,605 3.29% - - - - - 33,263 $10.42 Market 107 12,540,389 8.30% $5.61 335,976 $7.40 134,789 $6.76 569,955 $14.69 throughout South Carolina and Georgia. Three Piggly Wiggly locations in the Columbia market are being sold to Bi-Lo. The three stores are located at 4711 Forest Drive in the Forest Acres submarket and 760 US Highway 378 and 4360 Augusta Road in Lexington. Upon completion of the sale, Piggly Wiggly will retain seven stores in Richland, Lexington and Kershaw Counties. Additionally, two Piggly Wiggly store closures are planned for Charleston. > Kroger acquired Harris Teeter in a transaction valued at $2.5 billion. The 212 acquired stores will operate as a subsidiary of The Kroger Co. Together, the companies will operate 2,631 supermarkets across 34 states and Washington, D.C. While this acquisition may influence nearby markets, Harris Teeter will not be returning to Columbia, SC. > Publix is expanding its footprint in the Carolinas. 4711 Forest Dr., Forest Park Shopping Center, Forest Acres Submarket > Publix is expanding its presence in South Carolina with plans to enter the Myrtle Beach and Pawleys Island markets. Publix leased a 49,000 square foot space at Coastal North Town Center in North Myrtle Beach to open in late 2014 and a 45,000 square foot space at Pawleys Island Plaza at Highway 17 and Petigru Drive to open early 2015 as part of the center’s redevelopment. > Publix purchased seven Charlotte area Bi-Lo stores. The acquired locations are in Matthews, Lake Wylie, Huntersville and Rock Hill. Just a year ago, Publix had no stores in Charlotte but upon completion of the transaction, Publix will have 13 stores under development or open in the area. > The grocer announced plans to enter two new North Carolina markets, Asheville and Cary. The 49,000 square foot Asheville store, 4360 Augusta Road, Mills Corner, Lexington Submarket located in Buncombe County at Hendersonville and Overlook, will include a drive-thru pharmacy and is to open in 2015. The 49,000 square foot Cary location anticipated to open in late 2014 is planned for Wake County at High House and Davis. > Whole Foods is growing its market share in Charlotte by signing a lease for its second location planned for Lake Norman. Last year, the grocer opened its first Charlotte location in the SouthPark area. Currently Whole Foods has one location in Columbia at the redeveloped Cross Hill Market. Increased acquisitions are driven by grocers wanting to increase their market share in the most efficient way. By acquiring a competitor, the grocer gains a new location and has one less competitor in the market. Additionally, the time required to build a new store is much longer than the time needed to renovate an existing store therefore making it more feasible to buy out a competitor. Whole Foods, Cross Hil Market, North Columbia Submarket www.colliers.com/columbia RESEARCH & FORECAST REPORT | Q3 2013 | RETAIL | COLUMBIA IN THE MONTHS AHEAD The remainder of 2013 is likely to bring further declines in vacancy and increases in rental rates. Tenants will continue to show interest in smaller non-anchored centers which will lease quickly and 482 offices in spur new development. The Hub @ USC, the housing redevelopment at the former Palmetto Center, is 62 countries on successfully attracting residents and will prove beneficial to Columbia’s Main Street and Vista as it will attract more restaurants and shops to the downtown area.
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