Colliers Report: Experiential concepts, high-end shopping and entertainment drive retail
August 16, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Charleston Retail
Market Highlights
Retail in Charleston is fueled by the opportunity to experience high-end shopping with history and beautiful architecture. Despite the delivery of 3,833 square feet and net negative absorption, lease rates increased year-over-year and quarter-over-quarter to $30.04 per square foot. Vacancy increased slightly compared to Q1 2023, however, it remained below Q2 2022 at 3.30%.
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Key Takeaways
- Vacancy increased but remained lower than a year earlier
- 3,833 square feet delivered while construction increased
- Lease rates continued to increase despite net negative absorption
Forecast
Construction grew to 603,080 square feet with the majority occurring in the US 17 / Nexton (Summerville) submarket. Overall, retail metrics were healthy for Charleston and should continue to be strong given the underlying strength of the regional economy.
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.
