Colliers Report: Vacancy increased due to new deliveries
August 22, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 South Carolina Retail
Market Highlights
Vacancy increased in Q2 2023 to 3.85% across the state as 986,821 square feet are under construction and 325,962 square feet were delivered. Total inventory increased to 98.5 million square feet.
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Key Takeaways
- Vacancy increased slightly quarter over quarter and year over year
- Lease rates increased as 325,962 square feet delivered
- New development continued in the primary retail corridors and absorption decreased
Emerging Trends
Charleston, Columbia and Greenville-Spartanburg had the three highest lease rates and overall growth is expected to continue across the state supported by the strong economic fundamentals.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina with a portfolio of over 19 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
