Colliers Columbia Retail Report: Minimal vacancy limits tenant options
December 10, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Columbia Retail
Market Highlights
As the Columbia market continues to experience robust overall population and economic growth, retail vacancy remains minimal and concentrated in lower-quality properties across the market. Limited land availability in key corridors and elevated construction costs have largely suppressed new construction, contributing to rising rents and fewer concessions as tenants compete for quality spaces.
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Key Takeaways
- Tenants are competing for quality spaces in desirable locations
- Conversion and redevelopment activity is emerging
- Rents will likely continue to rise as vacancy remains minimal
Summary
The Columbia market has thus far avoided light national retail headwinds, while redevelopment activity is stirring on obsolete malls within inner suburbs. Landlords are beginning to consider conversions of well-located but outdated office properties. Downtown submarkets have benefited from proximity to a growing student population with spending power.
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.
