Colliers Charleston Retail Report: Growing rents follow residential expansion
December 12, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Charleston Retail
Market Highlights
Retail development continues to follow residential corridors outwards beyond existing submarkets as Charleston continues to attract high-income residents. Vacancy remains minimal and concentrated in older buildings, while availability in newer construction remains virtually nonexistent outside of ground-floor retail in high-density areas.
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Key Takeaways
- Grocery-anchored new construction is delivering fully leased outside existing submarkets
- Vacancy limited primarily to lower-quality building stock
- Discretionary consumer spending remains stable as wages outpace inflation
Forecast
Rent growth is strongest in the Mount Pleasant, Nexton/Summerville and lower Charleston peninsula submarkets, reflecting newer space and high surrounding income levels. Looking forward, national headwinds are emerging in pockets as inventory levels normalize while high rents and flattening real consumer spending affect margins. Investment activity is steady despite a cautious atmosphere.
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.
