Colliers Greenville-Spartanburg Retail Report: Economic growth attracting new market entrants
December 11, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Greenville-Spartanburg Retail
Market Highlights
The Greenville-Spartanburg market saw continued interest across the market reflected in continued strong absorption and rising lease rates bolstered by new construction both within and outside of traditional retail nodes. The region’s rapid population growth and increasing density have attracted new retailers to the market with tenants such as Sierra Trading Post and City Barbeque boosting leasing velocity in neighborhood retail spaces.
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Key Takeaways
Residential development pushing construction outside of existing submarkets
Vacancy remains minimal, driving up asking rents
Expanding regional profile attracting national chain interest
Summary
Investment transaction activity is increasing, focusing on standalone QSR building and Walmart-anchored strip centers, though interest rate volatility continues to suppress deal execution. Greenville-Spartanburg is one of the few areas of the state in which inflation-adjusted consumer spending remains on the rise, a trend likely to continue as wage gains outpace inflation and the region adds new jobs rapidly.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 25 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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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, X @Colliers or LinkedIn.
