Colliers Greenville-Spartanburg Retail Report: Historically low vacancy driven by population growth
August 29, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Greenville-Spartanburg Retail
Market Highlights
The Greenville-Spartanburg market absorbed a net of 139,307 square feet in Q2, driving vacancy to historical lows as availabilities are leased quickly. Shop space asking rents decreased slightly from the previous quarter but remain up year-over-year as remaining vacancies are predominately located in older, lower-quality spaces.
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Key Takeaways
- Residential development expands submarkets
- Vacancy low with spaces moving quickly at higher lease rates
- Speculative construction active but limited by borrowing costs
Summary
The Upstate has added an average of 241 residents per week, driving activity in the market from fitness and experiential retail users as well as grocers seeking to enter new submarkets. Mirroring a statewide and national trend, healthcare providers continue to occupy retail spaces, particularly focusing on well-located standalone buildings often vacated by distressed pharmacy and convenience chains.
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.
