Charleston among Top 10 retail markets

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.

as provided by Charleston Regional Business Journal - Daily Journal Staff