As Downtown Greenville has become a more in-demand place to open up shop, commercial rental rates have spiked considerably. In fact, the average rental rate downtown is in the mid-to-high $20s (per square foot), which is an increase of $5 to $10 per square foot compared to just a decade ago.
While this surge in rental price has made it challenging for some local shops to stay in their location on coveted Main Street, there are also several benefits to the rising rent for the area as a whole. Rental prices are a direct result of demand, which indicates that the local economy is quickly growing in a positive direction. Here are a couple other benefits to keep in mind as downtown continues to grow.
Plenty of Local Business Still Coming In
An understandable concern when an area quickly grows, like Downtown Greenville has been doing, is only “big businesses,” such as chains and corporations, will be able to afford to rent out these downtown spaces. In turn, this would change the independent, unique feel that put Downtown Greenville on the map in the first place.
The good news, however, is that there are still plenty of independent and local business coming in, particularly in the restaurant industry. Furthermore, the city understands that smart growth of the downtown area is important. As such, they are committed to working with responsible developers to keep the city’s one-of-a-kind downtown feel – which is good news for everyone.
Greater Incentive to Explore Other Areas of Greenville
Another benefit is that developing businesses in areas just outside of downtown is giving people incentive to get off Main Street and explore other neighborhoods on-foot. By getting out of the main “arteries” of Downtown Greenville, new business owners have a lot of opportunity to bring in business to communities that otherwise would lack available options.
This is good news not only for the business owners who can’t quite afford to set up shop on Main Street, but for the people of Greenville who are constantly looking for new local businesses and restaurants to explore and frequent for themselves.
At The Parker Group, we are dedicated to making Downtown Greenville a beautiful place to live and play. If you have questions about the current commercial real estate landscape, want to invest, or are in search for a residential property downtown, contact us. Our knowledgeable staff has decades of local experience and can help answer any questions.