Location, location, location 💸

Commercial retail rent, by the district.

If you ever thought about opening a new restaurant (breakfast burritos, please 🙏), event space (ping-pong bar 🏓 ), or retail shop (got an Etsy account?), then you know the first step is finding a location for your business. But how much will that cost you?

We had the same question. So, with a little help from our friends at Colliers International , we were able to get some leading stats.👇

But first, a quick breakdown of some of the lingo you’ll see thrown around below.

• Sq.Ft./Year = amount it cost per sq. ft. per year (price x sq. ft. / 12 to get your monthly cost)
• NNN = Triple Net is the most common type of net lease and means the tenant pays taxes, insurance, and maintenance in addition to the monthly base rent
• Modified Gross Lease = This is where the tenant and owner will split some of the responsibilities, the landlord will take care of yearly taxes + major repairs (roof, foundation), and then the tenant will be responsible for insurance + repairs like windows, paint etc. (the minor stuff).

You can read more about each here.

Main Street: Average of $28 - $35/sf NNN

• 18 S. Main St. (next to Crepe du Jour) | 1,969 sq. ft. | $21 per sqft/year ($3,445/month) | NNN
• 207 N. Main St. (by Noma Square) | 2,225 sq. ft. | $28 per sqft/year ($5,191/month) | NNN

West End: Average of $20 – 30/sf NNN

• 1021 S. Main Street (by West End Coffee Shop) | 3,974 sq. ft. | $22 – 25 sqft/year ($7,285 - $8,279/month) | NNN

656 S. Main St. (next to The Terrace) | 2,198 sq. ft. | $25 per sqft/year (4,579/month)

Augusta Rd: Average of $25 - $35/sf NNN

• Augusta @ Ferris (2017 Augusta St. - formerly Gregory’s Cleaners) | 6,284 sq. ft. | $25 – 30 sqft/year ($13,091 – 15,710/month) | NNN

Stone Ave: Average of $22 - $35/sf NNN

• 19 – 27 Mohawk Dr. (formerly Shinola behind Community Tap) | 1,000 – 1,800 sq. ft. | $25 sqft/year ($2,083 – 3,750/month) | NNN
  
  • The new Westone project where the Liability Brewing is going will be leased out for $25 per sqft/year as well.

Laurens Rd.

• 2038A Laurens Rd. (near the Gower neighborhood) | 1,200 sq. ft. | $15 per sqft/year ($1500/month) | Modified Gross

Village of West Greenville: Average of $10 – 17/sf NNN

• 1252 Pendleton St. (former We Took to the Woods candle shop) | 1,900 sq. ft. | $15 sqft/year ($2,375/month) | NNN

Woodruff Rd.:

• 1779 Woodruff Rd. (just past the Wal-Mart Super Center by the E Butler Rd. intersection) | 1,710 sq. ft. | $19 sqft/year ($2,707/month) | NNN

For reference on how these commercial spaces compare to some of S.C.’s biggest cities + around the country:

📍 Charlotte, NC $19.06/sqft

📍 Chattanooga, TN | $11.82/sqft

📍 Atlanta, GA | $16.26/sqft

📍 San Francisco, CA | $46.44/sqft

📍 Chicago, IL | $22.76/sqft

At first glance, renting a retail location in the City of Greenville seems pretty expensive, but after a deep dive into the average price in other cities around our state, region and country, we’re doing alright.

Let’s just be thankful we’re not trying to start a business in San Francisco right now 😳.

– Logan