Market Highlights
According to the 2020 Census, the Columbia metropolitan statistical area (MSA) population has grown from 767,598 in 2010 to 829,472 people in 2020, an increase of 8.06 percent over the past ten years. The average median household income within the Columbia MSA during 2020 was $51,575 a 24.72 percent increase over the 2010 average median income of $41,497. In addition, gross retail sales increased by 36.22 percent from 2010 through 2020.
Key Takeaways
• Increasing population, income growth, and retail sales are evidence Columbia is a healthy market for new retailers.
• Columbia retail vacancy rates have steadily decreased over the past year.
The Columbia retail market posted positive absorption during the third quarter of 2021, and the overall vacancy rate decreased to 5.25 percent. It has been on a steady decline for the past year.
Forecast
With population and incomes expected to continue to have healthy growth in the Midlands over the next decade, demand for new brick-and-mortar retail will remain strong. As the pandemic has receded, consumers have flooded back to brick-and-mortar stores. When supply chain issues and the struggling labor market stabilize, brick-and-mortar retail in the Midlands will continue to flourish.
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