Report: Brick-and-mortar shops gaining momentum

Listen to this article

A recent report from Colliers International found that brick-and-mortar shops are on the upswing.

The 2021 Q4 analysis found that retail vacancy rates in Columbia steadily decreased during the past year to 4.75%. According to the U.S. Department of Revenue, year-over-year retail sales in the Columbia submarket increased 19.64% in November.

The Colliers report indicated that brick-and-mortar shops are gaining momentum as consumers demonstrate a desire to test or try on items before purchase. Physical shops also allow an in-person return process and prevent the potential of delayed shipping or privacy concerns that can occur with e-commerce, the report said.  

The reported also cited U.S. Census Bureau data which found that year-over-year national retail sales increased 33% from 2020 to 2021, with 10 consecutive months of double-digit growth since March 2021. In South Carolina, those numbers are reflected by 192,006 square feet of positive annual retail absorption, with the vacancy rate dropping from 6% in the fourth quarter of 2020 to 4.8% in the fourth quarter of 2021.

Total retail inventory grew to 98.6 million square feet at the end of 2021, up from 96.9 million square feet in the fourth quarter of 2020, according to the report. More than 312,000 square feet of new space was under construction in the fourth quarter of last, up from 274,000 in Q4 2020.

With more space came a drop in lease rates, with the rate per square foot dropping to $20.96 from $21.58.

Firm renews downtown office lease

GMK Associates Inc. has renewed its long-term lease of its 20,000-square-foot headquarters on the 21st floor of the Capitol Center building in downtown Columbia.

Bruce Harper, managing partner at Trinity Partners, represented the planning, design and construction services firm in the transaction at 1201 Main St.

GMK Associates, established in 1966, focuses on the health care, education, government, utility, senior living and hospitality industries.  

“We are delighted to continue our relationship with Capitol Center, a building that our firm originally developed in 1987,” Jeff Baker, GMK Associates board chairman and president of architecture, engineering and construction services, said in a news release. “We will be undergoing a major renovation of our space, which will enable us continue to grow and serve our clients for years to come.”

Renovated West Columbia building for sale

A newly renovated office building in the Triangle City area of West Columbia is for sale for $398,850.

The 3,770-square-foot building at 1205 D Ave. features a modern look as well as a showroom and a storage area accessible by a loading dock. Zoned C1 for intensive commercial use, the building’s location between 12th Street and Charleston Highway provides high visibility and traffic volume.

For more information, contact Scott Davis of Coldwell Banker Commercial.