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Charleston Market

PREPARED BY

Lori Crowley

Marketing Coordinator

Retail Market Report

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 5

Construction 7

Under Construction Properties 8

Sales 10

Sales Past 12 Months 11

Economy 13

Market Submarkets 15

Supply & Demand Trends 17

Rent & Vacancy 21

Sale Trends 25

Charleston Retail

5/16/2018Copyrighted report licensed to Ravenel Commercial Properties, LLC -

700433.

OverviewCharleston Retail

12 Mo Deliveries in SF

550 K12 Mo Net Absorption in SF

540 KVacancy Rate

3.1%12 Mo Rent Growth

0.9%Dramatic population and job growth paired with a strongtourism industry continue to spur development andimprove Charleston’s already thriving retail sector. Firmssuch as Boeing, Benefitfocus, and PeopleMatter haveadded thousands of jobs to the market recent in recentyears, increasing both population and job prospects, butalso bringing high paying jobs to the metro whichcontribute to retail consumption.

Despite particularly low vacancies near 3%, rentappreciation has been a modest 1% year-over-year in2018’s second quarter. New construction experienced adramatic uptick in 2017, when more than 560,000 squarefeet delivered in Charleston, compared to a ten-yearaverage closer to 385,000 square feet. Investment hasbeen particularly strong in recent years, averaging morethan $300 million a year since 2014.

KEY INDICATORS

Asking RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$25.965.3%1,891,267Malls 5.5% (30,848) 0 0

$17.802.4%2,571,333Power Center 2.2% (7,520) 0 0

$17.605.2%13,672,201Neighborhood Center 6.9% (8,729) 0 177,857

$16.334.4%2,923,471Strip Center 5.3% (15,221) 0 0

$20.101.7%22,812,868General Retail 3.2% 82,405 80,565 669,461

$24.320%556,700Other 0% 2,312 0 0

$19.253.1%44,427,840Market 4.5% 22,399 80,565 847,318

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

3.3%5.3%-0.1%Vacancy Change (YOY) 6.7% 2008 Q2 2.9% 2016 Q4

714,709452,909540 KNet Absorption SF 1,555,366 2016 Q1 95,050 2010 Q4

795,721385,124550 KDeliveries SF 836,571 2007 Q4 121,695 2011 Q2

0.5%-0.1%0.9%Rent Growth 3.3% 2015 Q4 -5.2% 2009 Q4

N/A$186.6 M$253 MSales Volume $392.7 M 2016 Q2 $25.1 M 2009 Q3


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LeasingCharleston Retail

Charleston has positioned itself to embrace bothglobalization and economic diversification, contributing toan innovative and thriving local economy. Charleston’sport access, location on the coast, and relativeaffordability have all contributed as factors that havemade the metro attractive to firms and new residents inrecent years. Charleston’s population growth ratecontinues to double that of the nation, currently sittingaround 1.5% year-over-year in 2018’s second quarter.

Walmart has entered the market aggressively, openingseven stores in the metro since 2010. In July 2016,Publix leased 45,000 SF in the 10 WestEdge mixed-usedevelopment adjacent to the Medical University of SouthCarolina. The 25-acre research-oriented WestEdgecomplex's first phase consists of 10 WestEdge, 22WestEdge, and 99 WestEdge and will include 580

multifamily units, roughly 100,000 SF of retail, and135,000 SF of office/research space when the firstportion delivers in early 2018.

Overall, healthy demand allowed vacancies to compressby more than 200 basis points since 2014. This ispartially due to new development leasing well, with amajority of the new projects built within the last few yearsfully occupied. Large move-ins of companies includingExtra Storage Space (286,000 SF), Palmetto StateArmory (52,000 SF), and Publix (65,000 SF) in 2015contributed to the metro’s consistently declining vacancy.Although large spaces became vacant in shoppingcenters such as Brookgreen Town Center (44,000 SF)and Mount Pleasant Square (46,000 SF) in 2016-17, theoverall vacancy rate within the metro remains well belowthe historical average.

NET ABSORPTION, NET DELIVERIES & VACANCY


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LeasingCharleston Retail

VACANCY RATE

AVAILABILITY RATE


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RentCharleston Retail

Asking rents in Charleston average $19.25/SF followingdramatic appreciation of more than 25% since 2010.Downtown Charleston achieves the highest rents in themarket at nearly $38/SF – a more than $12/SF premiumcompared to the next most costly submarket. The highpremiums in Downtown Charleston provide aconsiderable barrier to entry, and many smallerbusinesses cannot afford to do business in this highly

desirable retail area. The previous owner of Nancy’s, asmall boutique clothing store on King Street, sold her1,650 SF retail shop for $2.3 million and is quoted assaying, “If people don’t own their own buildings, it’sdifficult to stay in business in Downtown Charleston.”However, the Downtown area has long been known as aretail hub, and attracts considerable foot traffic.

ASKING RENT GROWTH (YOY)


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RentCharleston Retail

ASKING RENT PER SQUARE FOOT


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ConstructionCharleston Retail

Charleston is among the most popular retail destinationsin the Southeast, and the metro contains a multitude ofshopping and dining options. A substantial share of localoptions is occupied within the Downtown Submarket.Along King Street, retail ranging from national brandssuch as Apple and Starbucks to privately ownedrestaurants and boutiques can be found.

Due to the scarcity of vacant land ground-updevelopment in Charleston is rare, encouragingdevelopers to focus on redevelopments. For example,the $80 million Midtown Project is a mixed-useddevelopment by Regent Partners that delivered in 2015and features a Hyatt Hotel and approximately 37,000 SFof King Street office and retail. The project called for thedemolition of two retail buildings and substantial

renovations on the remaining ones.

Recent deliveries consist of power and neighborhoodcenters and large freestanding retailers in the outersubmarkets of North Charleston and Dorchester County.For example, BJ’s Wholesale Club opened its 87,800 SFfreestanding building in Summerville in June 2017,joining Sam’s Club and Costco as the third membership-style wholesale market store in the metro. In February2016, the 112,000 SF Shoppes at Centre Pointe wascompleted, consisting of two phases in the NorthCharleston Submarket. North Charleston boasts apopulation that exceeds 100,000, growing by nearly 15%within the past five years, and has led the state in grossretail sales for the past 25 years, according to theChamber of Commerce.

DELIVERIES & DEMOLITIONS


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Under Construction PropertiesCharleston Retail

Properties

43Square Feet

847,318Percent of Inventory

1.9%Preleased

71.8%UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-2018320 Broad St

336,000 12 Mar-2020-

-1

Apr-2017Berlin G Myers Pky

Summerville Commons124,320 - Dec-2018

-

Walker Capital Corp2

Jun-20171125 Savannah Hwy

Whole Foods45,000 1 Jun-2018

S J Collins Enterprises

-3

Jan-2018Hwy 17-A And I-26

Nexton Square Bldg 20022,880 1 Jan-2019

-

-4

Jun-2017145 River Landing Dr

18,000 3 Jun-2018-

-5

Sep-2016601 Meeting St

16,560 1 Jun-2018-

-6



-

-7


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Under Construction PropertiesCharleston Retail

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

May-20183088 Maybank Hwy

Live Oak Square - Buildi…14,242 2 Dec-2018

-

-8

May-20182114 Highway 41

Market at Mill Creek Reta…13,723 1 Dec-2018

-

-9

Aug-20171341 College Park Rd

12,400 1 Jun-2018-

-10



-

-11



-

-12

Feb-20185730 Savannah Hwy

John Deere Dealership11,000 - Jul-2018

-

-13



-

-14


Nexton Square Bldg F10,000 1 Jan-2019

-

-15

May-20182118 Highway 41

Market at Mill Creek Reta…9,903 1 Dec-2018

-

-16



-

-17



-

-18



-

-19

Mar-2018131 Foxbank Plantation…

9,000 1 Nov-2018-

-20

Mar-20186072 Savannah Hwy

Bluewater Convenience…8,500 - Nov-2018

-

-21

Jan-20182643 Spruill Ave

Family Dollar N. Charlest…8,320 1 Jun-2018

-

-22

May-201783 Mary St

8,317 4 Jun-2018-

-23

Jan-2018Hwy 17-A and I-26


-

-24

Jan-2018530 Saint James Ave

7,800 - Jan-2019-

-25

Apr-2018Clements Ferry Rd

Retail A-17,783 1 Apr-2019

Stiles Enterprises

-26


Nexton Square Bldg G7,266 2 Jan-2019

-

-27


Nexton Square Bldg D6,500 1 Jan-2019

-

-28


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SalesCharleston Retail

Low vacancies and higher asking rents have contributedto favorable investment conditions in the Charlestonmetro. Annual sales volume has slowed since peaking in2015, though sales volume in the following years hascontinued to outpace the historical average. The same-store pricing trend has observed appreciation from rough$128/SF in 2010 to more than $190/SF in early 2018.However, cap rates have gradually compressed,decreasing by roughly 100 basis points since 2011.

In October 2016, Continental Realty Corporation

acquired the West Ashley Shoppes, a 137,000 SFshopping center in the Greater Charleston Submarket,for $17.3 million ($127/SF), at a 7.5% cap rate. Thecenter was anchored by Bed Bath & Beyond, WorldMarket, and Ross and was close to full occupancy whensold, with an average asking rent of $18/SF–$22/SF.Continental focuses on value-add opportunities in theSoutheast and was attracted to this property by its tenantmix of national retailers and because it is easilyaccessible from the Downtown Submarket.

SALES VOLUME & MARKET SALE PRICE PER SF


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Sales Past 12 MonthsCharleston Retail

Sale Comparables

209Avg. Cap Rate

7.7%Avg. Price/SF

$191Avg. Vacancy At Sale

9.9%SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $101,000 $1,778,893 $1,272,000 $11,963,803

Price Per SF $20 $191 $204 $2,216

Cap Rate 5.1% 7.7% 7.8% 15.4%

Time Since Sale in Months 0.2 6.0 5.8 12.0

Property Attributes Low Average Median High

Building SF 867 10,329 4,228 190,100

Stories 1 1 1 4

Typical Floor SF 541 9,548 4,023 190,100

Vacancy Rate At Sale 0% 9.9% 0% 100%

Year Built 1850 1989 1996 2018

Star Rating 2.3


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Sales Past 12 MonthsCharleston Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 475 E Bay St1850 5,400 0% $11,963,803 $2,2163/30/2018 -

-2 907 Folly Rd2002 15,960 0% $9,664,000 $6068/10/2017 5.2%

-3 332 King St- 18,600 26.0% $9,500,000 $5119/1/2017 -

-4 4952 Centre Pointe Dr2008 48,000 3.4% $8,650,000 $1802/22/2018 7.6%

-5 Historic Dixie Building1978 38,284 0% $6,750,000 $176

529 King St5/22/2017 -

-6 Cypress1995 13,210 0% $6,650,000 $503

167 E Bay St9/25/2017 7.1%

-7 1683 N Highway 172014 3,688 0% $5,399,000 $1,4641/23/2018 -

-8 JCPenney- 128,740 0% $5,125,000 $40

2060 Sam Rittenberg Blvd8/9/2017 -

-9 1835 N Highway 171999 7,730 0% $4,940,000 $6396/2/2017 5.1%

-10 194 E Bay St1978 4,400 0% $4,900,000 $1,1145/19/2017 -

-11 K-Mart Super Center1993 168,000 100% $4,800,000 $29

8571 Rivers Ave5/24/2017 -

-12 8485 Rivers Ave1987 22,638 0% $4,700,000 $2086/6/2017 -

-13 121-125 Angus St1987 6,000 0% $4,500,000 $75010/16/2017 5.5%

-14 1630 N Main St2017 25,000 0% $4,384,000 $1757/17/2017 6.5%

-15 610 N Highway 521998 2,816 0% $4,324,780 $1,5363/26/2018 -

-16 Camping World1985 94,257 0% $4,100,000 $43

8155 Rivers Ave1/24/2018 -

-17 192 E Bay St1950 - 16.3% $3,860,000 -7/27/2017 -

-18 3774 Ladson Rd2014 5,443 0% $3,819,200 $7023/28/2018 -

-19 Rite Aid- 10,908 0% $3,705,000 $340

1799 N Highway 1710/31/2017 6.5%

-20 5742 Memorial Blvd- 11,185 0% $3,660,000 $3273/16/2018 -


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EconomyCharleston Retail

Following the success of Boeing, Mercedes,Benefitfocus, and People Matter, the Chamber ofCommerce forecasted a net gain of 21,000 jobs in 2016and 2017 across all job sectors. Rapid expansion in anumber of the metro’s economic drivers is believed to beserving as catalyst for the recent strong performance. Athriving port and proliferation of manufacturing facilitieshave combined to fuel dramatically growth. Additionally,Charleston’s historic charm and architecture make it atourist destination in South Carolina, facilitating growth inthe leisure and hospitality sectors.

The professional and business sectors outpaced thenational economy for much of the cycle with growtharound 4% in recent years, though recent quarters haveseen the trend reverse. Slight job losses have beenobserved year-over-year, partially as of result of layoffsin the area such as CreateSpace and voluntary layoffs atBoeing. However, other sectors including naturalresources/mining and manufacturing have performedvery well.

Volvo plans to construct a $500 million factory that willultimately employ 4,000 in Berkeley County. Construction

began in September 2015, and the first vehicles areexpected to enter production in 2018. Mercedes-Benzwill be spending a half-billion dollars to construct an 8.6million SF facility to make its Sprinter series ofcommercial vans. Construction began in 16Q2, and theplant could bring as many as 1,300 jobs. Unsurprisingly,the leisure and hospitality sector continues to grow, asCharleston remains one of the nation's top touristdestinations.

Benefitfocus, a top employer in Charleston, hasexpanded its headquarters in Daniel Island, completingits first leg of development in 15Q1. This project, oncecompleted, is anticipated to add 1,200 employees, withthe majority of them being engineers. Daniel Island,nestled in between North Charleston and Mt. Pleasant, isa 20-year-old master-planned village containing 6,000homes, two golf courses, a country club, two million SFof office, 1.2 million SF of retail, three schools, a marina,at least 1,500 apartment units, and close to 400 acres ofopen space for new development. This island holds thehighest median income in the market at $94,000 and hasseen 35% income growth in the last five years.

CHARLESTON EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-1.22%1.07%-1.08%1.69%-0.41%2.89%0.927Manufacturing

0.28%0.15%0.42%1.03%1.16%-0.23%1.064Trade, Transportation and Utilities

0.28%0.15%0.30%0.82%0.32%-1.58%1.040 Retail Trade

0.76%0.59%0.26%1.47%0.71%0.63%0.715Financial Activities

0.50%0.58%-0.05%0.89%0.11%1.23%1.265Government

1.63%1.87%-0.37%0.74%3.85%7.84%1.122Natural Resources, Mining and Construction

1.27%1.04%2.04%2.63%1.63%4.27%0.741Education and Health Services

1.51%1.05%1.51%2.20%2.46%-0.88%1.154Professional and Business Services

0.29%-0.03%-0.95%1.22%0.20%7.71%1.06Information

1.29%1.56%1.78%2.58%1.89%1.28%1.248Leisure and Hospitality

0.41%0.06%0.43%2.01%0.78%0.48%1.014Other Services

Total Employment 357 1.0 1.54% 1.28% 1.64% 0.68% 0.85% 0.80%

Source: Moody's Analytics

LQ = Location Quotient


700433. Page 13

EconomyCharleston Retail

Source: Moody’s Analytics

YEAR OVER YEAR JOB GROWTH

DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change Forecast Change

Metro U.S. Metro U.S.

Population 327,676,666782,456 1.4% 0.7% 2.0% 0.8% 1.4% 0.7%

Households 125,924,977313,556 1.5% 0.9% 2.2% 0.8% 1.7% 1.1%

Median Household Income $60,498$61,549 4.0% 3.5% 2.1% 1.6% 2.6% 3.0%

Labor Force 161,514,450383,421 0.8% 0.9% 2.0% 0.5% 1.1% 0.8%

Unemployment 4.1%3.5% -0.2% -0.4% -0.2% -0.1% - -

Source: Moody’s Analytics

POPULATION GROWTH

Source: Moody's Analytics

LABOR FORCE GROWTH INCOME GROWTH


700433. Page 14

SubmarketsCharleston Retail

CHARLESTON SUBMARKETS


700433. Page 15

SubmarketsCharleston Retail

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Dorchester County 5,586 12.6% 5 2 126 2.3% 3680 3 101 1.8% 3

2 Downtown Charleston 3,896 8.8% 6 4 354 9.1% 1682 0 0 0% -

3 E Charleston County 70 0.2% 10 0 - - -15 0 0 0% -

4 East Islands/Mt Pleasant 6,399 14.4% 4 3 29 0.5% 5576 10 164 2.6% 2

5 Greater Charleston 7,814 17.6% 2 7 99 1.3% 4686 3 22 0.3% 5

6 James Island/Folly Beach 1,814 4.1% 7 0 - - -224 0 0 0% -

7 North Charleston 10,134 22.8% 1 2 15 0.1% 71,024 4 72 0.7% 4

8 Outlying Berkeley County 7,599 17.1% 3 22 191 2.5% 2787 13 189 2.5% 1

9 W Charleston County 451 1.0% 9 2 20 4.3% 680 1 2 0.3% 6

10 West Islands 596 1.3% 8 1 14 2.4% 889 0 0 0% -

SUBMARKET RENT

Growth

Asking Rent

Per SFSubmarketNo.

12 Month Asking Rent Annualized Quarterly Rent

RankRank GrowthRank

1 Dorchester County 0.2%8 0.9% 5$15.59 2

2 Downtown Charleston -0.2%1 0.6% 7$37.88 7

3 E Charleston County 0.1%6 0.3% 10$16.10 4

4 East Islands/Mt Pleasant -1.4%3 0.4% 8$23.06 10

5 Greater Charleston -0.4%5 1.2% 2$17.99 8

6 James Island/Folly Beach 0.1%4 0.9% 4$18.41 5

7 North Charleston 0%7 1.2% 1$15.65 6

8 Outlying Berkeley County 0.2%9 1.0% 3$14.85 3

9 W Charleston County -0.6%10 0.4% 9$11.13 9

10 West Islands 0.4%2 0.9% 6$24.64 1

SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Dorchester County 252,106 4.5% 0.8126,430 2.3% 39

2 Downtown Charleston 101,851 2.6% -(15,870) -0.4% 95

3 E Charleston County 3,305 4.7% -(338) -0.5% 710

4 East Islands/Mt Pleasant 197,393 3.1% 0.7206,204 3.2% 16

5 Greater Charleston 157,683 2.0% 0.348,550 0.6% 43

6 James Island/Folly Beach 32,266 1.8% -(6,435) -0.4% 82

7 North Charleston 427,203 4.2% -(23,897) -0.2% 108

8 Outlying Berkeley County 188,105 2.5% 0.8166,167 2.2% 24

9 W Charleston County 14,584 3.2% -13,944 3.1% 67

10 West Islands 7,440 1.2% -20,265 3.4% 51


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Supply & Demand TrendsCharleston Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2022 684,687 1.4% 1.3%631,703 1.148,018,617

2021 677,126 1.5% 1.4%659,031 1.047,333,930

2020 1,041,582 2.3% 1.9%873,622 1.246,656,804

2019 944,181 2.1% 2.0%907,344 1.045,615,222

2018 437,269 1.0% 1.1%482,653 0.944,671,041

YTD 194,068 0.4% 0.5%237,872 0.844,427,840

2017 531,945 1.2% 0.9%376,377 1.444,233,772

2016 348,875 0.8% 1.2%512,062 0.743,701,827

2015 570,959 1.3% 3.3%1,445,635 0.443,352,952

2014 254,746 0.6% 0.9%379,194 0.742,781,993

2013 190,519 0.5% 0.4%151,159 1.342,527,247

2012 198,698 0.5% 0.7%281,234 0.742,336,728

2011 296,047 0.7% 1.2%514,263 0.642,138,030

2010 203,113 0.5% 0.2%95,050 2.141,841,983

2009 410,388 1.0% 1.0%409,756 1.041,638,870

2008 410,534 1.0% 1.0%410,191 1.041,228,482

2007 - - 0.9%359,695 -40,817,948

MALLS SUPPLY & DEMAND



2022 1,678 0.1% 0%21 79.91,897,981

2021 1,661 0.1% 0.1%977 1.71,896,303

2020 1,727 0.1% -0.2%(2,861) -1,894,642

2019 1,512 0.1% 0%364 4.21,892,915

2018 136 0% -1.0%(18,324) -1,891,403

YTD 0 0% -1.4%(25,710) -1,891,267

2017 0 0% -2.8%(52,075) -1,891,267

2016 0 0% 0.1%1,605 01,891,267

2015 0 0% 0.1%1,563 01,891,267

2014 0 0% 0.1%1,641 01,891,267

2013 0 0% 0.8%14,811 01,891,267

2012 0 0% -0.8%(14,342) -1,891,267

2011 0 0% 3.2%61,034 01,891,267

2010 0 0% 0.1%2,226 01,891,267

2009 0 0% -0.3%(4,834) -1,891,267

2008 19,003 1.0% -2.0%(37,677) -1,891,267

2007 - - 0.2%3,800 -1,872,264


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POWER CENTER SUPPLY & DEMAND



2022 2,140 0.1% -0.1%(2,695) -2,579,880

2021 2,117 0.1% -0.1%(2,581) -2,577,740

2020 2,205 0.1% -0.3%(6,594) -2,575,623

2019 1,922 0.1% -0.1%(2,232) -2,573,418

2018 163 0% 1.7%44,779 02,571,496

YTD 0 0% 1.3%32,785 02,571,333

2017 0 0% -1.0%(26,673) -2,571,333

2016 68,000 2.7% 2.9%74,549 0.92,571,333

2015 62,268 2.6% 2.9%73,191 0.92,503,333

2014 8,225 0.3% 0.1%3,039 2.72,441,065

2013 2,779 0.1% 0.9%21,932 0.12,432,840

2012 0 0% 4.3%104,890 02,430,061

2011 0 0% -1.8%(44,008) -2,430,061

2010 0 0% 1.7%42,306 02,430,061

2009 0 0% -1.0%(25,351) -2,430,061

2008 58,000 2.4% 3.8%91,555 0.62,430,061

2007 - - 0.9%21,377 -2,372,061

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2022 126,035 0.9% 0.7%104,681 1.214,355,195

2021 124,620 0.9% 0.8%106,900 1.214,229,160

2020 129,872 0.9% 0.7%100,833 1.314,104,540

2019 286,477 2.1% 1.8%249,973 1.113,974,668

2018 15,990 0.1% 0.8%104,358 0.213,688,191

YTD 0 0% 0.3%35,406 013,672,201

2017 127,769 0.9% 0.9%124,108 1.013,672,201

2016 30,163 0.2% 0.7%92,630 0.313,544,432

2015 163,590 1.2% 4.2%571,403 0.313,514,269

2014 143,700 1.1% 1.5%194,748 0.713,350,679

2013 28,824 0.2% -0.7%(88,213) -13,206,979

2012 55,000 0.4% 1.1%148,856 0.413,178,155

2011 110,293 0.8% 1.9%248,237 0.413,123,155

2010 131,882 1.0% 0.6%75,135 1.813,012,862

2009 104,497 0.8% 0.7%90,580 1.212,880,980

2008 183,997 1.5% 1.0%125,816 1.512,776,483

2007 - - 0.6%74,130 -12,592,486


700433. Page 18


STRIP CENTER SUPPLY & DEMAND



2022 0 0% -0.2%(6,456) -2,923,471

2021 0 0% -0.2%(6,296) -2,923,471

2020 0 0% -0.4%(10,805) -2,923,471

2019 0 0% 0.1%2,310 02,923,471

2018 0 0% -1.5%(43,044) -2,923,471

YTD 0 0% -1.4%(41,033) -2,923,471

2017 0 0% 0.4%12,104 02,923,471

2016 0 0% 2.0%58,361 02,923,471

2015 0 0% 2.8%80,987 02,923,471

2014 0 0% 0.1%1,730 02,923,471

2013 0 0% 0.3%10,168 02,923,471

2012 3,500 0.1% 0%(685) -2,923,471

2011 40,601 1.4% 3.0%88,934 0.52,919,971

2010 0 0% 0.4%12,540 02,879,370

2009 0 0% -0.6%(17,375) -2,879,370

2008 55,250 2.0% 0.6%17,497 3.22,879,370

2007 - - 3.9%109,790 -2,824,120

GENERAL RETAIL SUPPLY & DEMAND



2022 541,790 2.2% 2.0%524,933 1.025,653,106

2021 535,834 2.2% 2.2%548,916 1.025,111,316

2020 894,337 3.8% 3.2%782,249 1.124,575,482

2019 642,514 2.8% 2.7%646,843 1.023,681,145

2018 419,831 1.9% 1.7%389,073 1.123,038,631

YTD 194,068 0.9% 1.0%231,572 0.822,812,868

2017 404,176 1.8% 1.4%307,596 1.322,618,800

2016 250,712 1.1% 1.3%289,268 0.922,214,624

2015 345,101 1.6% 3.3%718,491 0.521,963,912

2014 102,821 0.5% 0.9%189,854 0.521,618,811

2013 158,916 0.7% 0.9%192,461 0.821,515,990

2012 140,198 0.7% 0.2%42,515 3.321,357,074

2011 145,153 0.7% 0.8%160,066 0.921,216,876

2010 71,231 0.3% -0.2%(37,157) -21,071,723

2009 305,891 1.5% 1.7%347,436 0.921,000,492

2008 94,284 0.5% 0.4%86,628 1.120,694,601

2007 - - 0.8%159,398 -20,600,317


700433. Page 19


OTHER SUPPLY & DEMAND



2022 13,044 2.2% 1.8%11,219 1.2608,984

2021 12,894 2.2% 1.9%11,115 1.2595,940

2020 13,441 2.4% 1.9%10,800 1.2583,046

2019 11,756 2.1% 1.8%10,086 1.2569,605

2018 1,149 0.2% 1.0%5,811 0.2557,849

YTD 0 0% 0.9%4,852 0556,700

2017 0 0% 2.0%11,317 0556,700

2016 0 0% -0.8%(4,351) -556,700

2015 0 0% -- -556,700

2014 0 0% -2.1%(11,818) -556,700

2013 0 0% -- -556,700

2012 0 0% -- -556,700

2011 0 0% -- -556,700

2010 0 0% -- -556,700

2009 0 0% 3.5%19,300 0556,700

2008 0 0% 22.7%126,372 0556,700

2007 - - -1.6%(8,800) -556,700


700433. Page 20

Rent & VacancyCharleston Retail

OVERALL RENT & VACANCY

Asking Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2022 102 0.6% 0.5%$19.72 1,652,633 3.4% 0.1%

2021 102 0.4% -0.1%$19.60 1,599,649 3.4% 0%

2020 101 -0.1% -0.4%$19.53 1,581,554 3.4% 0.3%

2019 101 0.7% -0.3%$19.56 1,413,565 3.1% 0%

2018 101 1.2% -0.9%$19.43 1,376,769 3.1% -0.1%

YTD 100 0.3% -1.9%$19.25 1,381,936 3.1% -0.1%

2017 100 1.6% -2.1%$19.20 1,425,740 3.2% 0.3%

2016 98 2.7% -3.7%$18.91 1,274,050 2.9% -0.4%

2015 96 3.3% -6.5%$18.42 1,437,237 3.3% -2.1%

2014 92 2.3% -10.0%$17.83 2,311,913 5.4% -0.3%

2013 90 1.3% -12.5%$17.44 2,436,361 5.7% 0.1%

2012 89 -0.1% -13.9%$17.22 2,397,001 5.7% -0.2%

2011 89 -1.7% -13.8%$17.23 2,479,537 5.9% -0.6%

2010 91 -4.1% -11.9%$17.53 2,711,753 6.5% 0.2%

2009 95 -5.2% -7.3%$18.28 2,603,690 6.3% -0.1%

2008 100 -1.7% -1.7%$19.28 2,603,058 6.3% -0.1%

2007 102 - 0%$19.62 2,602,715 6.4% -

MALLS RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 112 0.6% 2.6%$26.55 101,188 5.3% 0.1%

2021 112 0.4% 2.1%$26.40 99,531 5.2% 0%

2020 111 -0.2% 1.7%$26.31 98,847 5.2% 0.2%

2019 111 0.6% 1.9%$26.35 94,259 5.0% 0.1%

2018 111 1.3% 1.2%$26.18 93,111 4.9% 1.0%

YTD 110 0.4% 0.4%$25.96 100,361 5.3% 1.4%

2017 109 2.4% 0%$25.86 74,651 3.9% 2.8%

2016 107 6.6% -2.4%$25.26 22,576 1.2% -0.1%

2015 100 6.6% -9.1%$23.69 24,181 1.3% -0.1%

2014 94 2.0% -16.4%$22.22 25,744 1.4% -0.1%

2013 92 2.7% -18.6%$21.79 27,385 1.4% -0.8%

2012 90 0.9% -21.8%$21.23 42,196 2.2% 0.8%

2011 89 -2.4% -22.9%$21.05 27,854 1.5% -3.2%

2010 91 -5.5% -19.8%$21.57 88,888 4.7% -0.1%

2009 96 -3.5% -13.3%$22.83 91,114 4.8% 0.3%

2008 100 -1.7% -9.2%$23.67 86,280 4.6% 3.0%

2007 102 - -7.4%$24.07 29,600 1.6% -


700433. Page 21


POWER CENTER RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 109 0.7% 3.0%$18.29 72,114 2.8% 0.2%

2021 109 0.4% 2.3%$18.17 67,279 2.6% 0.2%

2020 108 -0.1% 1.9%$18.09 62,581 2.4% 0.3%

2019 108 0.7% 2.0%$18.10 53,782 2.1% 0.2%

2018 108 1.3% 1.3%$17.97 49,628 1.9% -1.7%

YTD 107 0.3% 0.3%$17.80 61,459 2.4% -1.3%

2017 106 2.1% 0%$17.74 94,244 3.7% 1.0%

2016 104 5.0% -2.1%$17.38 67,571 2.6% -0.3%

2015 99 5.5% -7.2%$16.55 74,120 3.0% -0.5%

2014 94 2.6% -13.1%$15.69 85,043 3.5% 0.2%

2013 91 2.2% -16.1%$15.29 79,857 3.3% -0.8%

2012 90 0.6% -18.6%$14.96 99,010 4.1% -4.3%

2011 89 -1.8% -19.3%$14.87 203,900 8.4% 1.8%

2010 91 -4.7% -17.1%$15.15 159,892 6.6% -1.7%

2009 95 -4.8% -11.6%$15.91 202,198 8.3% 1.0%

2008 100 -2.3% -6.2%$16.71 176,847 7.3% -1.6%

2007 102 - -3.8%$17.10 210,402 8.9% -

NEIGHBORHOOD CENTER RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 106 0.5% 2.2%$17.94 757,023 5.3% 0.1%

2021 105 0.3% 1.7%$17.84 735,669 5.2% 0.1%

2020 105 -0.2% 1.4%$17.79 717,949 5.1% 0.2%

2019 105 0.6% 1.7%$17.84 688,910 4.9% 0.2%

2018 104 1.1% 1.1%$17.74 652,408 4.8% -0.7%

YTD 104 0.3% 0.3%$17.60 705,368 5.2% -0.3%

2017 103 2.1% 0%$17.54 740,774 5.4% 0%

2016 101 3.8% -2.1%$17.18 737,113 5.4% -0.5%

2015 97 4.2% -6.0%$16.55 799,580 5.9% -3.1%

2014 93 2.9% -10.4%$15.88 1,207,393 9.0% -0.5%

2013 91 1.8% -13.6%$15.43 1,258,441 9.5% 0.9%

2012 89 -0.1% -15.7%$15.15 1,141,404 8.7% -0.8%

2011 89 -1.6% -15.6%$15.17 1,235,260 9.4% -1.1%

2010 91 -3.8% -13.7%$15.43 1,373,204 10.6% 0.3%

2009 94 -5.6% -9.3%$16.04 1,316,457 10.2% 0%

2008 100 -1.7% -3.3%$16.98 1,302,540 10.2% 0.3%

2007 102 - -1.6%$17.27 1,244,359 9.9% -


700433. Page 22


STRIP CENTER RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 100 0.5% -1.5%$16.64 152,895 5.2% 0.2%

2021 100 0.3% -2.0%$16.56 146,439 5.0% 0.2%

2020 100 -0.3% -2.3%$16.52 140,143 4.8% 0.4%

2019 100 0.5% -2.0%$16.56 129,338 4.4% -0.1%

2018 99 0.8% -2.6%$16.47 131,648 4.5% 1.5%

YTD 98 0% -3.5%$16.33 129,637 4.4% 1.4%

2017 98 1.4% -3.4%$16.33 88,604 3.0% -0.4%

2016 97 2.0% -4.8%$16.11 100,708 3.4% -2.0%

2015 95 2.6% -6.9%$15.80 159,069 5.4% -2.8%

2014 93 2.6% -9.7%$15.40 240,056 8.2% -0.1%

2013 90 1.2% -12.5%$15.01 241,786 8.3% -0.3%

2012 89 -0.1% -13.8%$14.84 251,954 8.6% 0.1%

2011 90 -1.4% -13.7%$14.86 247,769 8.5% -1.8%

2010 91 -4.4% -12.0%$15.08 296,102 10.3% -0.4%

2009 95 -5.0% -7.1%$15.78 308,642 10.7% 0.6%

2008 100 -1.7% -1.8%$16.60 291,267 10.1% 1.1%

2007 102 - 0%$16.89 253,514 9.0% -

GENERAL RETAIL RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 99 0.6% -2.5%$20.64 561,308 2.2% 0%

2021 99 0.4% -3.1%$20.51 544,451 2.2% -0.1%

2020 98 -0.1% -3.5%$20.42 557,533 2.3% 0.4%

2019 98 0.7% -3.4%$20.44 445,416 1.9% -0.1%

2018 98 1.2% -4.2%$20.30 449,784 2.0% 0.1%

YTD 97 0.2% -5.2%$20.10 385,111 1.7% -0.2%

2017 96 1.2% -5.5%$20.05 422,615 1.9% 0.4%

2016 95 1.6% -6.7%$19.82 329,913 1.5% -0.2%

2015 94 2.3% -8.4%$19.51 368,469 1.7% -1.8%

2014 92 1.9% -10.9%$19.07 741,859 3.4% -0.4%

2013 90 0.8% -13.0%$18.71 828,892 3.9% -0.2%

2012 89 -0.2% -13.9%$18.57 862,437 4.0% 0.4%

2011 89 -1.7% -13.7%$18.60 764,754 3.6% -0.2%

2010 91 -4.0% -11.8%$18.92 793,667 3.8% 0.5%

2009 95 -5.2% -7.3%$19.71 685,279 3.3% -0.2%

2008 100 -1.6% -1.7%$20.80 726,824 3.5% 0%

2007 102 - 0%$21.15 719,168 3.5% -


700433. Page 23


OTHER RENT & VACANCY

Asking Rent


Vacancy

SF Percent Ppts Chg

2022 106 0.7% 3.2%$25.08 8,105 1.3% 0.3%

2021 105 0.5% 2.5%$24.90 6,280 1.1% 0.3%

2020 105 0% 2.0%$24.78 4,501 0.8% 0.4%

2019 105 0.8% 2.0%$24.78 1,860 0.3% 0.3%

2018 104 1.7% 1.3%$24.58 190 0% -0.8%

YTD 103 0.7% 0.2%$24.32 0 0% -0.9%

2017 102 1.4% -0.5%$24.16 4,852 0.9% -2.0%

2016 101 3.0% -1.9%$23.82 16,169 2.9% 0.8%

2015 98 3.8% -5.0%$23.12 11,818 2.1% 0%

2014 94 3.0% -9.0%$22.27 11,818 2.1% 2.1%

2013 91 1.3% -12.2%$21.63 0 0% 0%

2012 90 0.3% -13.7%$21.34 0 0% 0%

2011 90 -1.5% -14.0%$21.28 0 0% 0%

2010 91 -2.9% -12.3%$21.61 0 0% 0%

2009 94 -5.8% -9.1%$22.26 0 0% -3.5%

2008 100 -2.6% -2.7%$23.64 19,300 3.5% -22.7%

2007 103 - 0%$24.27 145,672 26.2% -


700433. Page 24

Sale TrendsCharleston Retail

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2022 -- - -- 111- $182.70 7.9%

2021 -- - -- 110- $180.93 7.9%

2020 -- - -- 111- $182.49 7.8%

2019 -- - -- 114- $188.42 7.5%

2018 -- - -- 116- $192.15 7.2%

YTD $106.4 M78 1.1% $254.17$1,833,970 1167.7% $191.93 7.2%

2017 $301.2 M206 5.5% $172.09$2,010,451 1157.1% $189.63 7.3%

2016 $299.1 M235 4.6% $189.41$1,749,193 1116.8% $182.72 7.3%

2015 $355.8 M214 6.0% $152.67$1,937,259 1067.4% $174.78 7.4%

2014 $341.4 M245 7.1% $139.64$1,924,399 957.3% $156.41 7.8%

2013 $217.4 M206 3.8% $187.16$1,659,860 877.4% $143.77 8.0%

2012 $147.5 M162 3.7% $151.51$1,432,049 857.7% $140.78 8.1%

2011 $85.8 M108 3.4% $143.33$1,185,970 808.0% $131.70 8.4%

2010 $87.6 M86 1.7% $162.26$1,592,198 787.4% $128.80 8.6%

2009 $40.1 M55 0.9% $159.41$1,054,050 848.8% $137.99 8.3%

2008 $62.1 M66 1.2% $140.84$1,159,603 1006.3% $165.13 7.6%

2007 $38.6 M37 0.7% $180.59$1,126,773 1056.7% $172.73 7.4%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES





2022 -- - -- 102- $163.25 7.4%

2021 -- - -- 101- $161.47 7.4%

2020 -- - -- 102- $162.73 7.3%

2019 -- - -- 105- $167.96 7.0%

2018 -- - -- 107- $171.16 6.8%

YTD -- - -- 107- $170.85 6.8%

2017 $25.2 M3 15.9% $83.93$8,406,665 1065.8% $168.99 6.8%

2016 -- - -- 103- $164.16 6.8%

2015 $3.0 M2 4.9% $384.78$2,962,000 996.2% $158.90 6.9%

2014 -- - -- 90- $144.03 7.2%

2013 $1.6 M1 0.1% $593.87$1,550,000 84- $133.87 7.3%

2012 -- - -- 85- $135.39 7.3%

2011 $7.5 M1 2.5% $159.30$7,500,000 818.6% $129.37 7.5%

2010 $1.9 M1 0.2% $511.44$1,855,000 79- $125.73 7.7%

2009 -- - -- 85- $135.42 7.5%

2008 -- - -- 100- $159.71 6.9%

2007 -- - -- 101- $161.59 6.7%




700433. Page 25


POWER CENTER SALES





2022 -- - -- 121- $150.42 7.7%

2021 -- - -- 120- $148.91 7.7%

2020 -- - -- 121- $150.10 7.6%

2019 -- - -- 125- $154.80 7.3%

2018 -- - -- 127- $157.71 7.1%

YTD $8.6 M1 1.9% $180.21$8,650,000 1277.6% $157.47 7.1%

2017 $9.9 M8 11.9% $396.00$3,300,000 1246.1% $153.25 7.2%

2016 $26.9 M3 4.5% $231.68$8,958,667 1176.5% $145.34 7.3%

2015 $31.3 M5 7.0% $179.50$6,254,992 1117.6% $137.72 7.4%

2014 $75.2 M13 26.9% $114.73$5,787,771 997.0% $122.54 7.8%

2013 $0 M2 0.3% -- 91- $112.90 8.0%

2012 $12.4 M1 11.0% $46.50$12,396,250 899.3% $110.51 8.1%

2011 $2.6 M2 6.2% $260.00$2,600,000 839.6% $102.69 8.5%

2010 -- - -- 80- $99.20 8.7%

2009 $3.7 M2 0.4% $412.95$1,850,000 84- $104.73 8.6%

2008 -- - -- 100- $124.02 7.9%

2007 -- - -- 103- $127.84 7.7%



NEIGHBORHOOD CENTER SALES





2022 -- - -- 110- $151.09 7.9%

2021 -- - -- 109- $149.75 8.0%

2020 -- - -- 110- $151.07 7.8%

2019 -- - -- 113- $155.83 7.5%

2018 -- - -- 116- $158.82 7.3%

YTD $2.8 M2 0.1% $201.37$1,400,000 115- $158.65 7.3%

2017 $35.6 M19 3.8% $120.21$2,740,989 1138.0% $155.62 7.4%

2016 $84.2 M31 6.1% $135.98$3,826,054 1086.7% $147.93 7.5%

2015 $101.4 M26 7.3% $107.50$4,588,566 1047.5% $142.66 7.6%

2014 $92.8 M35 9.3% $100.18$3,694,863 937.8% $128.46 7.9%

2013 $25.1 M16 3.6% $74.24$2,785,352 878.2% $118.98 8.1%

2012 $5.8 M13 2.0% $301.59$1,883,333 877.5% $119.29 8.1%

2011 $15.1 M12 5.9% $71.73$2,461,990 827.3% $112.66 8.4%

2010 $7.7 M2 0.4% $147.12$3,846,518 80- $109.34 8.6%

2009 $2.3 M3 0.6% $204.44$2,260,700 84- $116.02 8.4%

2008 $7.9 M3 0.5% $117.52$2,623,333 1007.9% $137.42 7.7%

2007 $1.4 M2 0.6% $203.57- 103- $141.81 7.5%




700433. Page 26


STRIP CENTER SALES





2022 -- - -- 109- $170.09 8.1%

2021 -- - -- 108- $168.57 8.1%

2020 -- - -- 109- $170.04 8.0%

2019 -- - -- 112- $175.40 7.7%

2018 -- - -- 114- $178.77 7.5%

YTD $4.1 M4 1.9% $88.95$1,375,000 1148.1% $178.57 7.5%

2017 $20.7 M16 6.1% $141.84$1,724,167 1137.3% $177.72 7.5%

2016 $16.0 M23 6.8% $111.05$1,066,887 1106.7% $172.75 7.5%

2015 $22.8 M15 4.9% $174.22$1,628,628 1057.9% $164.00 7.6%

2014 $18.6 M14 3.4% $220.27$2,062,422 948.4% $146.75 8.0%

2013 $9.2 M20 5.9% $137.60$1,317,156 858.1% $133.89 8.3%

2012 $4.1 M6 2.0% $111.01$1,373,333 839.1% $129.28 8.4%

2011 $0.6 M3 0.6% $61.31$303,500 77- $121.24 8.7%

2010 $0.5 M3 1.2% $125.00$500,000 76- $119.67 8.9%

2009 $0.1 M1 0.1% $53.33- 82- $129.23 8.6%

2008 $5.4 M6 2.9% $77.43$1,348,098 1007.1% $156.67 7.8%

2007 $8.7 M5 1.8% $167.71$1,744,929 1067.2% $166.12 7.4%



GENERAL RETAIL SALES





2022 -- - -- 111- $208.04 7.8%

2021 -- - -- 110- $205.95 7.9%

2020 -- - -- 111- $207.74 7.7%

2019 -- - -- 115- $214.61 7.4%

2018 -- - -- 117- $218.95 7.2%

YTD $90.8 M71 1.7% $292.68$1,746,063 1177.6% $218.70 7.2%

2017 $209.7 M160 5.1% $213.51$1,763,681 1166.8% $216.87 7.2%

2016 $172.1 M178 4.0% $245.78$1,313,431 1126.9% $210.05 7.3%

2015 $197.4 M166 5.4% $183.68$1,377,979 1077.3% $200.37 7.4%

2014 $154.8 M183 4.8% $198.85$1,176,527 956.9% $178.71 7.7%

2013 $121.7 M146 3.7% $204.18$1,289,819 877.2% $163.68 8.0%

2012 $125.2 M142 4.5% $192.41$1,302,880 857.4% $158.47 8.1%

2011 $59.9 M90 2.1% $187.11$962,704 798.2% $147.39 8.4%

2010 $77.5 M80 2.9% $161.58$1,520,056 777.4% $144.71 8.6%

2009 $34.1 M49 1.4% $148.08$974,092 838.8% $155.66 8.4%

2008 $48.9 M57 1.8% $160.47$1,047,751 1005.3% $187.28 7.6%

2007 $28.5 M30 0.8% $183.88$1,016,388 1056.3% $197.49 7.3%




700433. Page 27


OTHER SALES





2022 -- - -- 106- $196.42 7.5%

2021 -- - -- 104- $194.34 7.6%

2020 -- - -- 105- $195.93 7.4%

2019 -- - -- 109- $202.34 7.1%

2018 -- - -- 111- $206.30 6.9%

YTD -- - -- 111- $205.94 6.9%

2017 -- - -- 109- $203.37 6.9%

2016 -- - -- 107- $199.43 6.9%

2015 -- - -- 103- $191.25 7.0%

2014 -- - -- 93- $173.41 7.3%

2013 $59.8 M21 28.4% $378.65$2,847,619 86- $160.16 7.5%

2012 -- - -- 85- $157.97 7.5%

2011 -- - -- 80- $149.50 7.7%

2010 -- - -- 79- $146.26 7.9%

2009 -- - -- 85- $157.47 7.7%

2008 -- - -- 100- $186.01 7.1%

2007 -- - -- 103- $191.70 6.9%




700433. Page 28

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