Colliers Report: A quarter of growth and opportunities
August 14, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Greenville-Spartanburg Retail
Market Highlights
Vacancy increased quarter over quarter due to the delivery of 190,079 square feet. Construction increased from Q2 2022 and Q1 2023 to 140,856 square feet. Lease rates decreased from Q1 2023 but increased from last year.
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Key Takeaways
- Vacancy increased with the delivery of 190,079 square feet
- Lease rates decreased quarter-over-quarter
- Newly vacant anchor and junior anchor spaces create opportunities for other retailers
Summary
Greenville-Spartanburg has attracted many new tenants as new vacancies were created by Bed Bath & Beyond, Tuesday Morning and various restaurant closings.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 19 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 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.5 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, Twitter @Colliers or LinkedIn
