Colliers Retail Report: Retail fundamentals remain strong across the state
November 29, 2023
Commercial Real Estate Research & Forecast Report
Q3 2023 South Carolina Retail
Market Highlights
Key retail performance metrics in South Carolina were stable for the third quarter of 2023 and improved over last quarter. Despite the delivery of 175,834 square feet, overall vacancy decreased to 2.62% with the absorption of 81,520 square feet. The construction pipeline remained robust with 390,762 square feet expected to deliver by the end of 2023 and a total of 917,819 square feet under construction.
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Key Takeaways
- Lease rates, vacancy and absorption improved from Q2 2023
- Construction pipeline remained robust as 175,834 square feet delivered
Emerging Trends
Lease rates may increase in the fourth quarter with these deliveries as average lease rates increased 3.25% from the second to third quarter to $22.71 per square foot. Gross retail sales, population growth and strong performance metrics of South Carolina continue to attract additional residents and wide varieties of 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 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 corporate.colliers.com, Twitter @Colliers or LinkedIn.
