Colliers Report: New retail is necessary throughout South Carolina to meet demand
June 8, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 South Carolina Retail
Market Highlights
South Carolina housing permits rose 27% from February 2022 to March 2022 indicating new residents are moving to the state. Retail growth follows new housing because new residents indicate population growth which, in turn, increases the demand for retail. In addition, South Carolina retail sales increased by 29% in February 2022 compared to February 2019 and 28% above February of last year.
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Key Takeaways
- An influx of new residents to South Carolina will boost retail demand
- South Carolina retail vacancy rates have steadily decreased over the past year to 3.24%
Forecast
The overall retail vacancy rate, which decreased from 5.64% to 3.24% year-over-year, will likely continue to decline as vacant space is absorbed because there is pent-up demand for new retail properties across the State.
About Colliers
Colliers | South Carolina has over 140 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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
