Q1 Augusta Multi-Tenant Retail Market Report

Market Overview

The Augusta economy relies heavily on government enterprises, particularly Fort Gordon and the U.S. Army Cyber Center of Excellence, which together support over 25,000 workers. Private-sector employment expansions, like those from e-commerce giants such as Amazon, offer growth to capitalize in the market. The Augusta retail market shows that rents have increased across various types of retail buildings, with notable growth in malls and power centers. Overall, the market’s performance aligns closely with its three-year average, outperforming the national average in rent increase over the past three years.

Market Performance

The market maintains a 4.0% vacancy rate, slightly up from the previous year, with positive absorption of 48,500 square feet and net deliveries of 108,000 square feet. Rents have risen by 4.3% to approximately $16.30 per square foot over the past 12 months, with around 260,000 square feet under construction. Despite these fluctuations, rent growth has been consistent across different types of retail properties, exceeding the national average over the past three years. Over the past year, the Augusta retail market saw 174 sales totaling $142 million in volume, surpassing the estimated market price. Over the last three years, Augusta averaged 232 sales annually, with $263 million in volume and 2.1 million square feet of stock per year.