Colliers Columbia Retail Report: Population growth drives absorption and lower vacancy
March 14, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Columbia Retail
Market Highlights
Retail in Columbia performed well in the fourth quarter of 2023 with overall healthy indications for 2024. Net absorption increased from the third quarter of 2023 to 101,581 square feet as 12,575 square feet delivered, lowering vacancy to 5.40%.
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Key Takeaways
- The absorption of 101,581 square feet decreased vacancy to 5.40%
- 12,575 square feet delivered with 14,800 square feet under construction
- Lease rates remained healthy
Summary
Overall lease rates decreased to $22.62 per square foot as the construction pipeline slowed to 14,800 square feet under development. Statewide growth and interest continue to increase and impact retail spaces in Columbia, which also benefits from the University of South Carolina and its centralized location in the state.
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.
