2013 charleston commercial market forecast: retail and hospitality
DESCRIPTION
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.TRANSCRIPT
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www.CharlestonCommercialMarketForecast.com
Retail & Hospitality MarketsAnalysis and Outlook 2013
Presented By:John Orr, CCIM
Vice President | Retail Services
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Charleston, SC – Hospitality and Tourism Industry Accolades
Charleston ranked #1 “Top Tourist Destination” Conde Nast Traveler, October 2011
King Street Among “Top 10 U.S. Shopping Venues” U.S. News and World Report, December 2011
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 ranks #1 “America's Favorite Cities”Travel + Leisure, November 2010
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 AwardsTravel + Leisure, July 2013
Charleston areas hotels rank in “Top 10 Hotels & Resorts in the United StatesConde Nast Traveler, July 2013
Charleston ranked #1 “Top Tourist Destination” for 3rd year in a row Conde Nast Traveler, October 2013
www.CharlestonCommercialMarketForecast.com
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Charleston, SC - Hospitality MarketYear to date, the county is up 0.6% in occupancy, 4.1% in ADR, and 4.7% in RevPAR versus 2012.
www.CharlestonCommercialMarketForecast.com
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Charleston, SC – Hospitality and Tourism Industry
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
12:00 12:15 12:30 12:45 13:00 13:15 13:30 13:45100200300400500
King Street Pedestrian Count - Saturday
Middle KingUpper KingLower King
Accomoodations
Dining/Food
Local Transportations
Other Expenses
Shopping
Tours/Attractions
Expenditures per Person per Day
$0 $50 $100 $150 $200 $250
$90
$50
$26
$20
$59
$26
$212
Average Tourist Expenditures
32%
17%13%
14%
8%
7%
5% 4%
Store Type
Fashion & ShoesRestaurantsServicesOtherArt & AntiquesGifts & AccessoriesHome Design & DécorSpecialty Food
66%
24%
10%
Businesses
LocalNationalRegional
Source: Shop King Street SC & Charleston Tourism Management Division
www.CharlestonCommercialMarketForecast.com
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Charleston, SC - Hospitality and Tourism Industry
Photo Source: Post & Courier & PrimeSouth Group
www.CharlestonCommercialMarketForecast.com
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Charleston vs. National Retail Market
www.CharlestonCommercialMarketForecast.com
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Retail Sub-Markets & Inventory
Summerville2,279,739 SF
3.11% Vacancy
West Ashley2,631,460 SF
11.02% Vacancy
South Islands1,018,584 SF
9.81% Vacancy
Berkeley1,537,877 SF
5.52% Vacancy
North Charleston4,485,084 SF
8.34% Vacancy
East Cooper3,884,459 SF
4.44% Vacancy
Downtown1,009,663 SF
4.69% Vacancy
* Based on select data set
www.CharlestonCommercialMarketForecast.com
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On the Horizon…
HORIZON SQUARE
CORNER AT WESCOTT
* Select retail developments
www.CharlestonCommercialMarketForecast.com