Colliers Report: Smaller footprints are driving Charleston restaurant transactions
May 20, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 Charleston Retail
Market Highlights
A rise in fast-casual restaurant concepts allotting for less indoor dining space are leading restaurant tenants to opt for smaller footprints. Restaurateurs are adapting to evolving consumer preferences by downsizing or moving to a smaller space.
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Key Takeaways
- Restaurants smaller than 5,000 square feet are transacting
- Charleston retail vacancy rates have sharply decreased to 2.68% due to positive absorption
Forecast
Due to the shifting consumer preferences, restaurants are using smaller footprints and are driving restaurant deals during the first quarter of 2022. Rental rates will likely rise throughout the remainder of 2022. Tenants are willing to pay higher rent to be in a space suited to their business model.
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.
