Colliers Charleston Retail Report: Retail remains strong behind jobs growth

Commercial Real Estate Research & Forecast Report
Q4 2024 Charleston Retail

Market Highlights

The Charleston market’s strong employment growth and rising household incomes continue to fuel an attractive environment for retailers. Vacancy remains at rock-bottom levels even with the delivery of 138,102 square feet of new supply, including a new Publix-anchored shopping center and three unanchored strip centers in the rapidly developing Nexton area.

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Key Takeaways

• Asking rents for new shop space regularly exceeds $45.00/square foot
• Growing wealth across the market creating new opportunities for tenants and owners
• Consumer spending remains healthy behind strong regional job growth

Forecast

Income levels are growing across the market as Charleston remains a destination for remote workers, spurring interest from higher-end grocers including a new Mount Pleasant lease by Fresh Market. Asking rents continue to grow behind healthy demand for space along commuting corridors, reaching as high as $55.00/square foot in high-income Mount Pleasant. Robust investment activity reflects the market’s overall health, headlined by the sale of a recently delivered portfolio at Nexton Square for $409/SF.

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.