Commercial Real Estate Research & Forecast Report
Q3 2023 Greenville-Spartanburg Retail
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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- 63,292 square feet were absorbed as 45,692 square feet delivered
- Lease rates increased from the second quarter
- Vacancy fell to 3.04%
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.
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