Colliers Retail Report: Vacancy falls as lease rates and absorption increase

November 27, 2023

Commercial Real Estate Research & Forecast Report
Q3 2023 Columbia Retail

Market Highlights

Vacancy decreased to 2.84% in the third quarter of 2023 with the absorption of 106,360 square feet and minimal new deliveries. Low vacancy supported lease rate increases to an average of $22.26 per square foot while only 27,026 square feet were under construction.

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Key Takeaways

  • 106,360 square feet were absorbed, decreasing vacancy to 2.84%
  • Lease rates increased 4.41% from Q2 2023
  • Total inventory remained relatively flat with minimal new deliveries


Additional retailers have become attracted to Columbia with Whataburger, Tidal Wave Auto Spa and Topgolf expressing interest in the area while some retail locations have begun redevelopment for other uses.



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 24 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, Twitter @Colliers or LinkedIn.