Colliers Greenville-Spartanburg Retail Report: Retailer churn slows absorption pace
March 24, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 Greenville-Spartanburg Retail
Market Highlights
The Greenville-Spartanburg retail market saw vacancy rise for the first time after several consecutive strong quarters, a blip in an overall positive trend created by new anchor vacancies in aging shopping centers. These new openings may simply unlock some anchor and junior anchor spatial liquidity for market entrants following the area’s rapid population growth.
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Key Takeaways
- Move-outs in older centers moderated growth as vacancy rates ticked up
- New availability poised to unlock additional leasing activity in coming quarters
- Investment sales reach highest quarterly level since 2022
Summary
Notably, rent spreads continue to grow between new construction and existing properties, creating windows for renovation in favorable locations or redevelopment of functionally obsolete spaces as tenant upfit costs create a barrier for tenants evaluating newly built shell spaces.
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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
