Colliers South Carolina Retail Report: Population growth fuels overall performance increases to end 2023
March 19, 2024
Commercial Real Estate Research & Forecast Report
Q4 2023 South Carolina Retail
Market Highlights
South Carolina’s population growth has significantly impacted its retail industry, driving notable expansion and opportunity creation in key markets. The influx of residents has increased the consumer base and spurred demand for diverse retail offerings seen by the overall increase in retail performance metrics, transaction volume, sales interest and submarket expansions.
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Key Takeaways
- All performance metrics improved from Q3 2023, despite a reduction in deliveries
- South Carolina continued to experience strong population growth
- Low vacancy rates increased interest in outer submarkets
Emerging Trends
Overall lease rates increased to $23.94 per square foot, square feet under construction increased to 1,235,856, absorption increased to 175,625 square feet and vacancy decreased to 4.12%. The improvements across the state in the fourth quarter of 2023 continue to generate additional interest in South Carolina and optimism for the retail sector in 2024.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 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 23 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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 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, X @Colliers or LinkedIn.
