Colliers Report: Retail rents flatten due to new supply deliveries
August 23, 2023
Commercial Real Estate Research & Forecast Report
Q2 2023 Columbia Retail
Market Highlights
Despite net negative absorption and increasing vacancy, lease rates remained flat at $21.31 per square foot from $21.35 per square foot in Q1 2023. Lease transactions and construction continued to experience difficulty because of the current lending environment, a scarcity of new space and the high cost of construction.
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Key Takeaways
- Vacancy rose from Q1 2023 and year over year from Q2 2022
- Lease rates remained flat despite net negative absorption
- Inventory grew slightly but new development in the primary retail corridors is very limited
Summary
Columbia’s continued growth and economic stability makes it an increasingly attractive destination for retailers and new businesses
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 19 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.
