Colliers Retail Report: Lease rates rise as absorption keeps pace with deliveries
November 22, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 Greenville-Spartanburg Retail
Market Highlights
Retail growth in Greenville-Spartanburg remained robust as deliveries were fully absorbed, decreasing vacancy to a recent low. Overall shop space rental rates also increased by 1.13% to $19.71 per square foot. The construction pipeline remains healthy with 126,463 square feet under construction, of which, 83,275 square feet are expected to deliver by the end of the year.
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Key Takeaways
- 63,292 square feet were absorbed as 45,692 square feet delivered
- Lease rates increased from the second quarter
- Vacancy fell to 3.04%
Summary
The market continues to attract new residents, businesses and retailers like Pins Mechanical, Fairway Social and Agave Bandido joining the 40-acre County Square redevelopment. Stable fundamental performance metrics in the third quarter signal that retail is healthy in Greenville-Spartanburg.
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 24 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
