2013 Charleston Commercial Market Forecast: Retail and Hospitality

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The retail and hospitality update given at the 2013 Charleston-area commercial market forecast, on October 24, 2013 at the Daniel Island Club. The presentation was given by John Orr, CCIM, Vice President of Retail Charleston with Colliers International.

Published in: Real Estate, Travel, Business
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2013 Charleston Commercial Market Forecast: Retail and Hospitality

  1. 1. Retail & Hospitality Markets Analysis and Outlook 2013
  2. 2. Charleston, SC – Hospitality and Tourism Industry Accolades Charleston ranked #1 “Top Tourist Destination” Conde Nast Traveler, October 2011 Charleston ranks #1 “America's Favorite Cities” Travel + Leisure, November 2010 Charleston ranks #1 in the world and #1 in the U.S. for the 2nd year in a row “Top Tourist Destination” Conde Nast Traveler, October 2012 Charleston ranked #1 “Top Tourist Destination” for 3rd year in a row Conde Nast Traveler, October 2013 Charleston Ranks #1 “Friendliest City in the U.S.” Travel + Leisure, July 2013 Charleston Ranks #1 “U.S. City” in the 2013 World’s Best Awards Travel + Leisure, July 2013 King Street Among “Top 10 U.S. Shopping Venues” U.S. News and World Report, December 2011 Charleston areas hotels rank in “Top 10 Hotels & Resorts in the United States Conde Nast Traveler, July 2013
  3. 3. Charleston, SC - Hospitality Market Year to date, the county is up 0.6% in occupancy, 4.1% in ADR, and 4.7% in RevPAR versus 2012.
  4. 4. Charleston, SC – Hospitality and Tourism Industry Store Type Average Tourist Expenditures Expenditures per Person per… Tours/Attractions 5% 4% Shopping 32% 8% $59 $20 Local Transportations Restaurants 7% $26 Other Expenses Fashion & Shoes $212 Other Art & Antiques 14% Gifts & Accessories $26 Dining/Food $50 Accomoodations 13% 17% Home Design & Décor Specialty Food $90 $0 Services $50 $100 $150 $200 $250 Charleston County received $1.9 billion in domestic travel expenditures Payroll income and jobs directly attributable to domestic traveler spending reached $375.1 million and 20,600 jobs Businesses King Street Pedestrian Count - Saturday 24% 500 10% Local Middle King 300 Upper King 100 12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45 Lower King National 66% Regional Source: Shop King Street SC & Charleston Tourism Management Division
  5. 5. Charleston, SC - Hospitality and Tourism Industry Photo Source: Post & Courier & PrimeSouth Group
  6. 6. Charleston vs. National Retail Market
  7. 7. Retail Sub-Markets & Inventory Berkeley 1,537,877 SF 5.52% Vacancy Summerville 2,279,739 SF 3.11% Vacancy North Charleston 4,485,084 SF 8.34% Vacancy West Ashley 2,631,460 SF 11.02% Vacancy East Cooper 3,884,459 SF 4.44% Vacancy South Islands 1,018,584 SF 9.81% Vacancy Downtown 1,009,663 SF 4.69% Vacancy * Based on select data set
  8. 8. On the Horizon… HORIZON SQUARE CORNER AT WESCOTT * Select retail developments

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