Colliers Report: South Carolina retail shops return to business as usual
August 31, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 South Carolina Retail
Market Highlights
South Carolina retail activity has returned to, or in many markets is better than, pre-pandemic levels. The overall shop vacancy rate was 3.41% this quarter compared to 5.4% during the second quarter of 2019. Interest in retail space of all types remains strong from both local and national tenants.
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Key Takeaways
- South Carolina retail vacancy rates have steadily decreased over the past year to 3.41%
- Retail activity has returned to pre-pandemic levels
Forecast
The inclination to lease existing shop space instead of building new construction helps constrain price increases and allows tenants to open for business sooner. However, with rising interest rates and construction prices, rental rates are still expected to continue to increase through year-end 2022.
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 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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.
