Colliers South Carolina Retail Report: Vacancy near historic lows with construction concentrated in major markets
August 29, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 South Carolina Retail
Market Highlights
Continued population growth across the state’s major metros has led to record-low vacancies in major markets across the state as developers are limited by financing costs and minimal undeveloped land within existing submarkets. With few exceptions, new development has focused on smaller-scale strip centers, though sales transaction activity remains healthy among well-located shopping centers.
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Key Takeaways
- Vacancy remains near record lows across the state
- Leasing velocity is high and concessions are limited
- Financing and construction costs have kept new development low but likely to increase
Emerging Trends
Total inflation-adjusted consumer spending is down slightly, driven partially by flat visitation in the state’s coastal tourism markets. Despite this, the market’s fundamentals are strong, posting positive net absorption and asking rent growth in most major markets. Both investment sales and development activity are projected to increase into 2025 as institutional capital is unfrozen in response to anticipated federal interest rate cuts.
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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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.
