Commercial Real Estate Research & Forecast Report
Q4 2021 Greenville-Spartanburg Retail
Brick-and-mortar shops are gaining momentum due to a preference to test or try on items in a physical shop prior to purchasing, an easier in-person return process, and the potential of delayed shipping along with privacy concerns with e-commerce. According to the U.S. Department of Revenue, year-over-year Upstate retail sales in November increased 20.7%.
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- Increasing retail sales and traffic into Greenville-Spartanburg brick-and-mortar shops bodes well for ongoing shop success
- Greenville-Spartanburg retail vacancy rates have steadily decreased over the past year to 4.18%
Returning to physical shops contributed to the uptick of success in Greenville-Spartanburg brick-and-mortar retail shops, evidenced by 582,663 square feet of positive annual retail absorption. The vacancy rate dropped from 5.8% during the fourth quarter of 2020 to 4.2% during the fourth quarter of 2021. The market’s positive retail environment will continue to boost retail activity throughout 2022.