Colliers Report: Experiential restaurant concepts continue to succeed

December 19, 2022

Commercial Real Estate Research & Forecast Report
Q3 2022 Greenville-Spartanburg Retail

Market Highlights

Greenville-Spartanburg restaurants experiencing the most consistent business are those offering more than simply food and beverages. Restaurants that adapted to consumer preferences, such as offering outdoor space and areas for children to play continue to be popular. Live music is another option that draws a crowd. Also, innovative ways to order and pick up food or those restaurants offering specialized menu items that vary by day or week are gaining popularity.

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Key Takeaways

  • Greenville-Spartanburg experiential restaurants experience success
  • The overall Greenville-Spartanburg retail vacancy rate was 3.45% during the third quarter of 2022

Out-of-market restaurant users are attracted to second-generation space because it is more economical than new construction. Looking forward, this second-generation preference will expand retail corridors throughout the market.



About Colliers

Colliers | South Carolina has over 145 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at, Twitter @Colliers or LinkedIn.