Colliers Report: Growth continues to spread and create rental rate growth opportunities
March 12, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 Greenville-Spartanburg Retail
Growth continues to spread and create rental rate growth opportunities
Market Highlights
Greenville-Spartanburg has experienced a spike in tenants pursuing new locations in outer submarkets, such as Boiling Springs and Fountain Inn. Increased growth and demand in these areas should enable landlords to increase rents for both new and existing tenants. The limited amount of ground-up projects due to elevated construction costs are also creating opportunities for landlords of existing product to increase rental rates throughout the whole Greenville-Spartanburg market.
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Key Takeaways
- Tenant activity continues to grow in outer submarkets
- High construction costs are providing landlords with opportunities to increase rents
- Vacancy and lease rates increased with the delivery of 36,396 square feet and absorption of 9,336 square feet
Summary
Other performance metrics remained healthy overall with 9,336 square feet of net absorption and 36,396 square feet of deliveries increasing vacancy to 4.14%. Positive absorption is expected to continue and decrease vacancy, while the construction pipeline remains healthy with 100,183 square feet under development in various areas of the market.
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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
