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1 NAI MEMBER NAME NAI Earle Furman, LLC Retail Office Report Third First Quarter 27 21
2 Upstate Market TRENDS: Vacancy Rate Net Absorption Construction Asking Rents UPSTATE STATISTICS: Number of Buildings...8,34 Market Size (SF)...77,772,825 Overall Vacancy Space (SF)...5,94,589 Overall Vacancy (%)...7.6% Direct Vacancy (SF)...5,749,534 Sublease Vacancy (SF)...155,55 Net Absorption...98,697 Average Asking Rental Rate ($/SF/YR)...$9.8 THIRD Quarter MARKET OVERVIEW: By: Ted Lyerly, CCIM - NAI Earle Furman Retail Division 8.5% 8.% 7.5% 7.% 6.5% 6.% Overall Vacancy (%) 2Q9 3Q9 4Q9 1Q1 2Q1 3Q1 Average Asking Rental Rate The Greenville/Spartanburg retail market experienced a slight improvement in market conditions in the third quarter 21. Instead of announcements of national retailer closings, we had a few announcements of new retailers coming to our market (notably Buy Buy Baby and Trader Joes). Overall vacancy is down for the second consecutive quarter. This is stimulated by the fact that overall rental rates also went down for the second consecutive quarter. $11. $1.5 $1. $9.5 $9. 2Q9 3Q9 4Q9 1Q1 2Q1 3Q1 Construction activity is down for the second consecutive quarter. The 2, SF Carolina Ale House in Downtown Greenville topped the list for largest new construction project for the 3rd Quarter. Easley Town Center (535, SF) construction remains underway and is scheduled for a spring 211 delivery. Magnolia Park announced signings of Georgia based La Parrilla and Texas based Cheddars to join their upcoming 4, SF retail center. Overall leasing and sales volume remain low, but slightly higher than 29. Top Lease Transactions Tenant: Property Type: Size (SF): Address: Harrison s Workwear Strip Center 22, SF 4 W. Blackstock Road, Spartanburg Save A Lot Community Center 18,322 SF 32 Pearman Dairy Road, Anderson Atlantic Bedding & Furniture General Freestanding 7, SF 11 Laurens Road, Greenville Top Sale Transactions Buyer: Property Type: Size (SF): Address: Asset Ventures Fund 1 LTD Neighborhood Center 79,678 SF Woods Crossing Road, Greenville John Pittenger Properties LLC Drug Store - Walgreens 14,82 SF 1412 Greenville Street, Anderson PI Commercial Properties LLC General Freestanding 4,5 SF 629 Wade Hampton Blvd, Greenville Some of the data in this report has been gathered from third party sources including CoStar Group, Inc. and has not been independently verified by NAI Earle Furman, LLC. NAI Earle Furman, LLC makes no warranties or representations as to the completeness or accuracy thereof. All rents are per SF/per YR unless otherwise noted. Construction is defined as total RBA under construction. The Upstate Market is defined by: Greenville, Anderson, Spartanburg, Cherokee and Pickens counties. NAI Earle Furman, LLC 11 East Washington Street, Suite 4 Greenville SC
3 NAI Earle Furman, LLC Retail Report Third Quarter 21 SUBMARKET/ # BLDGS. TOTAL RBA TOTAL AVAIL. TOTAL VACANT TOTAL NET TOTAL AVERAGE UNDER CLASS (SF) (SF) AVAIL (%) Absorption (SF) RATE ($/SF/YR) CONSTRUCTION (SF) Anderson 1,7 11,67,89 1,314,25 8.7% (11,996) $8.2 Greenville 3,429 32,588,797 3,22,7 7.4% 57,93 $ ,549 Travelers Rest/ 388 3,255,997 42, % 24,626 $7.33 Cherrydale Wade Hampton 444 4,17,26 66, % (16,662) $8.52 West Greenville 57 3,495, ,14 4.2% 1,13 $1. Pelham Rd ,58, , % 5,675 $12.67 I-385/Woodruff Rd ,617,479 31,118 6.% (75) $ ,49 Mauldin 186 1,635,595 83,81 2.6% 4,15 $8.63 Fairview Rd. 25 2,472,57 157,77 4.9% 16,69 $11.8 South Greenville 22 1,251, , % (1,795) $6.77 Stone Ave/ ,221 88, % (6,184) $7.77 E. North St. Greenville CBD ,61 53, % (622) $ , Pleasantburg Dr ,146, ,56 9.9% 11,161 $9.6 Augusta Rd ,573, ,88 8.% (3,112) $11.43 Haywood/Congaree 49 7,246,97 667,39 5.7% (26,453) $ ,5 & Woodruff Corridor Spartanburg 2,858 23,834,16 2,221,13 7.6% 32,344 $1.41 Upper Spartanburg 732 4,243, , % 4,952 $6.68 East Side 1,17 9,172,88 843, % 2,425 $11.88 West Side 615 7,778,1 812,3 8.3% 15,778 $1.97 Lower Spartanburg 44 2,639, ,8 6.5% (8,811) $7.34 NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
4 NAI Earle Furman, LLC Methodology / Definitions / Submarket Map Absorption (Net) The change in occupied space in a given time period. Available Square Footage Net rentable area considered available for lease; excludes sublease space. Average Asking Rental Rate Rental rate as quoted from each building s owner/ management company, For office space, a full service rate was requested; for retail, a triple net rate requested; for industrial, a triple net basis. Building Class Class A product is office space of steel and concrete construction, built after 198, quality tenants, excellent amenities & premium rates. Class B product is office space built after 198, fair to good finishes & wide range of tenants. Direct Vacancy Space currently available for lease directly with the landlord or building owner. Market Size Includes all existing and under construction office buildings (office, office condo, office loft, office medical, all classes and all sizes, both multi-tenant and singletenant, including owner-occupied buildings) within each market. Overall Vacancy All unoccupied lease space, either direct or sublease. SF/PSF Square foot/per square foot, used as a unit of measurement. West Greenville Travelers Rest/Cherrydale Midtown Uptown 15.3 million SF vacant 4.13% vacancy East rate Side & Hwy 9 $54.14 SF/YR avg. rental Wade Hampton Pelham Rd 4.88 million SF vacant Mauldin 4.7% vacancy rate Fairview Road $37.53 SF/YR avg. rental S. Greenville I-385/ Woodruff Rd Anderson Downtown 11.3 million SF vacant 4.o% vacancy rate $42.3 SF/YR avg. rental Upper Spartanburg West Side Greenville CBD Augusta Road Lower Spartanburg Stone Ave/E. North St. S. Pleasantburg Road N. Pleasantburg Road Haywood/ Congaree & Woodruff Rd. Corridor Sublease Arrangement in which a tenant leases rental property to another, and the tenant becomes the landlord to the subtenant. Sublease Space Total square footage being marketed for lease by the tenant. Sublease space is not considered in the overall occupancy or absorption numbers - only direct leases are included. Sublease Vacancy Space currently available in the market for sublease with an existing tenant within a building acting as the landlord. NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
5 Upstate in the News BuyBuy Baby and Apple Store Open in Greenville GSA Daily Staff Report Published July 6, 21 Apple Inc. will open its retail store at Greenville s Haywood Mall at 1 a.m. Saturday, Apple announced today. Currently the closest Apple retail store to the Upstate is in Charlotte, N.C., and the only other one in South Carolina is at 31 King St. in Charleston. A crowd of shoppers awaited the grand opening of that store in 28. Apple has an authorized campus store for students at Clemson University. Similarly, iplace at 55 South Main St. in Greenville is an Apple authorized reseller and service provider. The Haywood Mall store is located in the former Children s Place spot on the lower level, across from Pottery Barn. At the store, customers can test-drive Apple products, including the iphone, Mac computers and the recently released ipad. The stores also offer Apple users face-to-face support and advice at the Genius Bar, hands-on workshops and special programs for children. GSA Daily Staff Report Published September 15, 21 BuyBuy Baby has opened a new 28,-square-foot superstore at 1125 Woodruff Road. A wholly-owned subsidiary of Bed Bath & Beyond Inc., the retailer sells merchandise for newborns to toddlers including furniture, strollers and clothing. The Greenville store is the first store in South Carolina. We are excited to have opened our first store in South Carolina and look forward to sharing our long standing traditions of exceptional customer service, great value and a broad assortment of merchandise with the Greenville community, said Glen Cary, director of stores BuyBuy Baby. Located in the Shops at Greenridge, the retailer is in the former Linen N Things location. Copyright GSA Business NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
6 Upstate in the News Downtown Greenville Gears Up for Growth By April Silvaggio - The Greenville Journal JULY 22, 21 After months of little construction downtown, there are signs that Greenville is pulling ahead of a tough economy. Construction actually started last week, said Leigh Cooper, spokeswoman for Sullivan Management, a Columbia restaurant firm that plans to open Carolina Ale House in the former Kimbrell s building later this year. We love Greenville s downtown, and are looking forward to being a part of it. Hiring the wait staff of about 25 for what will be Sullivan Management s fourth Carolina Ale House two in Columbia and one in Augusta, Ga. will likely begin sometime in October. A management team will be solidified at least two to three months prior to that in order to complete training. The Greenville restaurant will be the 15th in the Carolina Ale House chain, which started in Raleigh, N.C., in The sports-themed restaurant will offer burgers, chicken wings, fish, steak and ribs, along with a bar with 4 beers on tap. It also will have a retractable glass rooftop that will provide the equivalent of a rooftop dining experience that can be used in any kind of weather, Cooper said. Cooper said owner and developer Chris Sullivan got the idea from the Dallas Cowboys stadium in Arlington, Texas. The city is very excited, said Mary Douglas Hirsch, downtown manager for the City of Greenville. This fills a gap between East McBee Avenue and East Court Street, and we are thrilled to see a restaurant coming in there that already has proven successful in other cities. City leaders said it might be the necessary boost to get other projects moving again. There is activity going on behind the scenes, said Nancy Whitworth, Greenville s economic development director. At least some of it centers around a development unveiled in 28 as Washington Square, a major office, hotel and retail complex that would revamp nearly the entire city block formerly home to Woolworth, C.Q. Fashions and Young Fashions. We are still planning something really cool that I can t let go of just yet, said Robert Martin, vice president of investments for TIC Properties. It will be a little different, but the plan is still to make it a great development. Greenville Mayor Knox White said Washington Square is the highest priority with the city. Unfortunately, I can t talk about it. What he did say is the $1 million the city recently received for selling its part of the Hyatt Regency to the Hyatt Corp. will likely benefit the Washington Square project. One block south, plans for an office and retail development known as Main at McBee are moving again. continued on next page
7 Upstate in the News Downtown Greenville Gears Up for Growth The development would be located at the corner of Main Street and McBee Avenue on the former site of the Kress dime store, perhaps best known in recent years by the children s artwork displayed on the fence aournd it. We are still moving forward full steam ahead, said Larry Webb, a principal and broker with KDS Commercial Properties. We are finalizing a lot of the details, and also finishing the last pieces of our financing. CVS will anchor the first floor, and negotiations are ongoing with a tenant for the second floor office space, Webb said. With everything that has gone on in the banking industry, we ve done a lot of restructuring to make it work for everyone, he said. We are working as hard as we can, and hope to break ground this fall. The design of a new 24,-square-foot federal courthouse that will be located at the intersection of East North, North Irvine, East Coffee and North Spring streets will begin this fall with construction beginning in 213. That facility is expected to cost upwards of $6 million, and will provide space for the U.S. District Court, U.S. Magistrate Court and other federal agencies, while the current Clement F. Haynsworth Federal Building and U.S. Courthouse on East Washington Street would likely be used for bankruptcy court. City officials said the developers of a proposed luxury hotel at the corner of McBee Avenue and Spring Street have talked about reviving that project more than two years after construction stopped. Still, the Greenville businessmen who want to build the Peacock Hotel would need to raise about $18 million from investors before work could begin again on a scaled-back version of their plan, which doesn t include a spa, but still has an elevated patio and high-end retail space. Local developers Grant Peacock and Mark Kent broke ground on what was initially proposed as a 94-room luxury hotel and spa in the summer of 27, using their own money to get the project under way. Construction was stopped at the beginning of 28. White said while the city is continuing to actively try and attract and recruit tenants to fill vacant retail and office space, one of the biggest needs for downtown going forward is residential apartments. The potential for apartment space exists along the Reedy River in the West End and with one of Greenville s best known vacant properties, the former site of the old Greenville Memorial Auditorium. At present, no new plans have been announced for the privately held property. My personal opinion is that it would be a great site for apartments, White said. copyright JournalWatchDog.com NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
8 Contact Us For more information on the Upstate Retail market please contact one of our specialists: Jimmy Wright Principal and Harry Croxton Renee Dunlap Ted Lyerly, CCIM Tim Roller Bill Sims Jake Van Gieson NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
9 Additional Resources Complete listings of NAI Earle Furman s available properties Greenville Economic Development s goal is to promote and enhance the economic growth of Greenville County by serving as the single source contact for economic development in the greater Greenville area. Upstate Alliance is a public/private regional economic development organization designed to market the dynamic 1-county Upstate region to the world. - The Greater Greenville Chamber at its core is dedicated to promoting quality development of Upstate South Carolina through managed growth, service to members and the public, and a community-wide approach to issues shaping the region's future. Official website of Spartanburg County government Official website of Greenville County government - Official website of Anderson county government - Provides information on trade, grants, rural development, and recycling. Includes databases of community profiles, labor market information, etc South Carolina's Information Highway is the largest directory of South Carolina information on the Internet. NAI Earle Furman, LLC 11 E. Washington Street, Suite 4 Greenville SC
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