Here’s how much it costs to have a shop/restaurant/office downtown. Commercial rent, by the district.
It seems like every other day that we’re getting word of a new restaurant/shop/apartment building opening up in Cola. We’re pretty much watching the city + its districts grow like weeds right in front of our eyes (and we absolutely love it).
We’ve been thinking: How much does it cost to rent commercial space downtown? Colliers International – a leading commercial + residential real estate company (and the name you see on a lot of signs in empty buildings downtown) – gave us the leasing stats. 👇
📍 The Vista | ~$30/sqft. NNN* | (Definitely up from “downtown rates” of ~$21/sqft. in 2012.) More established area = more zeroes on that rent check.
📍 Five Points | ~$25/sqft. NNN | The former Inn at Claussen’s is available for a cool $4 mill.
📍 Main St. | ~$20/sqft. NNN | TBH, I would have thought this rent would be higher, especially as Main St. is becoming a more and more popular district to live and play – an ‘experiential retail’ spot, according to Colliers, which millennials love.
📍 North Main | ~$12/sqft. NNN | NoMa is the cheapest district because it’s still up and coming – but don’t expect commercial rent to stay this low for long.
For comparison:
📍 Greenville avg. | ~$25-35/sqft. on Main St. (their primary commercial district)
📍 Charleston avg. | ~$55-65/sqft. on King + Lower King St. (major commercial areas)
Sold commercial building in Five Points (formerly Rise Bakeshop).
*NNN is a type of commercial lease where the tenant pays additional charges like parking lot maintenance + landscaping on top of the price/sqft.
Who wants to put a Tupelo Honey Cafe on the corner of Assembly St. + Lady St., with a building pricetag of $2.2 million? This is prime real estate, y’all.
Or maybe a multi-level bookstore (that serves champagne) on Devine St.? Price just reduced to $425,000.
– Sam
