Commercial Real Estate Research & Forecast Report Q3 2021 Greenville-Spartanburg Retail
Market Highlights
According to the 2020 Census, the Greenville-Spartanburg combined statistical areas (CSAs) population has grown from 1,108,419 in 2010 to 1,256,192 people in 2020, an increase of 13.33% over the past ten years. The average median household income within the Greenville-Spartanburg CSAs during 2020 was $50,501 a 32.23% increase over the 2010 averaged median income $38,193. In addition, gross retail sales have increased by 37.38% from 2010 through 2021.
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Key Takeaways
Trends in income, population and retail sales growth will benefit retail in Greenville-Spartanburg
The overall retail market vacancy dropped to 4.77%
With population and incomes expected to continue to have healthy growth in the Greenville-Spartanburg CSAs over the next decade, demand for new brick-and-mortar retail will remain strong. As the pandemic has receded, consumers have flooded back to brick-and-mortar stores. When supply chain issues and the struggling labor market stabilize, brick-and-mortar retail in the Greenville-Spartanburg CSAs will continue to flourish.
About Colliers
Colliers | South Carolina has over 150 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers | South Carolina’s staff hold 49 professional designations, the most 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 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
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