Colliers Report: Greenville-Spartanburg Retail Market Q1 2025
June 11, 2025
Colliers | South Carolina Market Report
New vacancies create liquidity in healthy market
Market Highlights
Greenville-Spartanburg experienced its first quarter of net negative absorption in over a year driven by a wave of bankruptcies by national retailers, belying the market’s overall strength. The new availabilities contributed liquidity in an environment marked by low quality availability, exemplified by the quick turnover of three former Big Lots spaces to local or non-discounter users.
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Key Takeaways
- Early-year national retailer closures created well-positioned opportunities for larger spaces
- Rent growth is uneven with newer or fully renovated properties commanding significantly higher rents
- Negative absorption is more likely to be a temporary blip than a persistent challenge
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.
