Colliers South Carolina Retail Report: Supply limitations driving tenant competition
December 16, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 South Carolina Retail
Market Highlights
South Carolina’s retail market continues to tighten as population growth and high construction costs combine to limit vacancy and drive rents higher across the state. High-quality availabilities are rare, often sparking competition between tenants.
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Key Takeaways
- Minimal high-quality availability sparking tenant competition
- New retailers entering SC markets due to growing population and wealth
- Construction centers on smaller strip centers outside traditional retail nodes
Emerging Trends
Persistently high ground-up construction costs are driving redevelopment of existing properties, as several legacy malls across the state are undergoing demolition and replacement with mixed-use centers. New construction is increasingly expanding outside of existing retail nodes with a focus on grocery-anchored centers and small strip buildings on outparcels.
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.
