Commercial Real Estate Research & Forecast Report Q2 2022 Greenville-Spartanburg Retail
Market Highlights
Despite national concerns surrounding inflation and higher interest rates, it is business as usual or better in the Greenville-Spartanburg retail market. During the second quarter of 2022, the market posted 43,442 square feet of positive absorption with the vacancy rate decreasing to 4.06%. Gross retail sales continue to increase quarter-over-quarter and are up 11.5% annually from May of 2021 to May of 2022.
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Key Takeaways
Greenville-Spartanburg shops post positive absorption and declining vacancy rates
Micro-concepts are an emerging trend for restaurants
An emerging trend is “micro-concepts” of larger brands. The micro-restaurant is a smaller version of a larger restaurant approximately 1,200 to 1,500 square feet. This trend allows restaurants to adapt to smaller, more efficient stores with an emphasis on carry-out options. Interest in retail space of all types remains strong from both local and national tenants. However, the upfit cost is a major hindrance to new retail development. Restaurant tenants have shown a clear preference for second-generation space over new construction.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. 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’ staff hold 54 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 and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 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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