Colliers Charleston Retail Report: Limited supply, population growth lower vacancy
August 23, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Charleston Retail
Market Highlights
Geographic constraints are forcing Charleston’s growth patterns outward with the bulk of new construction occurring in the Nexton/Summerville and Carnes Crossroads areas. Rent growth has been inconsistent across the market, with the Charleston Peninsula submarkets seeing weighted asking rents decrease and vacancy increase as leisure travel has flattened out.
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Key Takeaways
- Growth concentrated in areas with rapid residential growth
- Inflation-adjusted consumer spending slowing, mirroring leisure travel market
- Restaurants outperforming national trends though not immune to shifting consumption patterns
Forecast
The market continues to post strong net absorption as grocers, fitness centers and experiential retail enter new submarkets and seek highly visible space within existing corridors. Leasing velocity is high, and Charleston’s wage growth has supported restaurants in bucking a national slowdown as consumers trade down due to rising costs.
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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
