Business report

Physical stores are gaining momentum > Columbia Business Report

A recent report from International Necklaces found that brick and mortar stores are on the rise.

Analysis of the fourth quarter of 2021 revealed that retail vacancy rates in Colombia have steadily declined over the past year to 4.75%. According to the US Department of Revenue, year-over-year retail sales in the Columbia submarket rose 19.64% in November.

The Colliers report says brick-and-mortar stores are gaining momentum as consumers show a desire to test or try on items before buying them. Physical stores also allow for an in-person returns process and avoid shipping delays or privacy issues that can arise with e-commerce, according to the report.

The report also cites data from the U.S. Census Bureau which revealed that national year-over-year retail sales grew 33% from 2020 to 2021, with 10 consecutive months of double-digit growth since March 2021. In South Carolina, those numbers are mirrored by 192,006 square feet of positive annual retail uptake, with vacancy rising from 6% in the fourth quarter of 2020 to 4.8% in the fourth quarter of 2021.

Total retail inventory rose to 98.6 million square feet at the end of 2021 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 year, compared to 274,000 in the fourth quarter of 2020.

With more space, rental rates dropped, with the rate per square foot falling from $21.58 to $20.96.

The company renews the lease of its offices in the city center

GMK Associates Inc. 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 Partnersrepresented the planning, design and construction services firm in the transaction at 1201 Main Street.

GMK Associates, established in 1966, focuses on the healthcare, education, government, utility, senior living and hospitality sectors.

“We are excited to continue our relationship with Capitol Center, a building our company originally developed in 1987,” said Jeff Baker, chairman of the board of GMK Associates and president of architectural, engineering and of construction, in a press release. “We will be undergoing a major renovation to our space, which will allow us to continue to grow and serve our customers for years to come.”

West Columbia renovated building for sale

A newly renovated office building in the Triangle City neighborhood 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 storage area accessed by a loading dock. Zoned C1 for heavy commercial use, the building’s location between 12th Street and the Charleston Freeway provides high visibility and traffic volume.

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

Contact Melinda Waldrop at 803-726-7542.