Colliers South Carolina Retail Report: SC retail market stabilizing after rapid gains
March 13, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 South Carolina Retail
Market Highlights
Initial, though possibly temporary, signs of stability began to appear across South Carolina as new deliveries and limited move-outs combined to drive the vacancy rate up for the first time in a year. Asking rent growth varies by market, with older, unrenovated spaces in Greenville-Spartanburg, Rock Hill and Columbia anchoring rates while an abundance of new grocery-anchored space in Charleston and Hilton Head has contributed to skyrocketing asking rents.
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Key Takeaways
- New deliveries outpaced net absorption as little quality second-generation product remains available
- Rapid population growth is smoothing variations in tourism
- Investment activity reached a two-year high
Emerging Trends
Investment sales activity saw a sharp statewide jump in Q4 to $385M, up $84M over the same period in 2023, as capital is deployed towards one of the nation’s fastest-growing states. Consumer spending fluctuated as a slow tourism season in which inflation-adjusted consumption tracked roughly 5% below the prior year was offset by gains in the fall partially attributable to the impacts of Hurricane Helene.
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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With annual revenues exceeding $4.8 billion, a team of 23,000 professionals and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
