June 22, 2007
Charleston among Top 10 retail markets
By Daily
Journal Staff
Charleston has been named among the top 10 retail investment markets in the
country by one of the nation’s largest commercial real estate brokerage
firms.
Sperry Van Ness , based in Irvine,
Calif., has just released the retail edition of its 2007 Top 10 Markets To
Watch Report, which examines economic factors that impact future retail
investment real estate.
In its report, Sperry Van Ness cites the top 10 markets to watch as:
-
Albuquerque, N.M.
-
Charleston
-
Dallas/Fort Worth
-
Houston
-
Las
Vegas
-
Phoenix
-
Raleigh/Durham, N.C.
-
Salt
Lake City
-
Tucson,
Ariz.
-
West
Palm Beach, Fla.
Charleston was chosen largely because of the area’s 5.36% increase in
household income and 1.63% increase in population in 2007, the company
reported. In addition, retail vacancy rates in the Charleston area are
tight, at about 8.9%, which is expected to keep rents rising. Rents in the
area increased 3.2% during 2006 to an average of $12.22 per square foot.
In compiling its report, Sperry Van Ness analyzed more than 60 primary,
secondary and tertiary markets, examining economic factors that impact
future retail investment in real estate. Market rankings were determined
from a number of dynamics, including retail sales and inventory, vacancy
factors and rental trends.
David Ebeling, communications manager for Sperry Van Ness, said the 10
markets were not ranked against each other, and no market within the list
was ranked stronger than another in comparison.
“They’re all so close,” Ebeling said. “These are the ones that show the most
promise in terms of the greatest potential for income growth.”
Founded in 1987, Sperry Van Ness is a commercial real estate brokerage firm
with more than 900 advisers in 150 cities. The company advised clients on
more than $10.9 billion in real estate transactions in 2006.
"Reprinted with the permission of
the Charleston Regional Business Journal"
