Colliers Columbia Retail Report: Retail growth following subdivision expansion
August 22, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Columbia Retail
Market Highlights
The Columbia market’s outward expansion has supported strong absorption and continued low vacancy rates as strong retail demand follows subdivision development in the outlying Lexington, Killian Road/Blythewood and Garners Ferry areas.
While overall consumer expenditures showed little change on a real basis, submarkets such as Forest Drive and Cross Hill/Woodhill continue to attract the highest asking rents.
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Key Takeaways
- Outlying areas experiencing the most growth with very little junior anchor vacancy
- Asking rents are growing as leases renew
- Healthcare and fitness tenants are especially active
Summary
Asking rents fell slightly, the product of minimal vacancy in high-quality, well-positioned spaces. The construction pipeline is slow as financing and construction costs limit margins for developers and ground availability is low in key corridors. Continued demand, however, is likely to increase interest into 2025. Healthcare and dental users are among the market’s most active, while restaurant activity is focused on the casual and quick-service segments.
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 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.
