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2019 Q2 Retail Greenville-Spartanburg Report

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By Crystal Baker

Retail activity slows during the second quarter

  • The Greenville-Spartanburg retail market posted a net negative absorption of 542,492 square feet during the second quarter of 2019.
  • During the second quarter of 2019, there were 51,520 square feet delivered to the non-core Greenville-Spartanburg retail market.

Market Conditions

The Greenville-Spartanburg retail market is comprised of 16.54 million square feet of retail space. The market posted a net negative absorption of 542,492 square feet this quarter, largely due to non-core submarkets posting a net negative absorption of 426,782 square feet. Core retail shop spaces posted a net negative absorption of 79,710 square feet but, Magnolia Park Town Center absorbed 53,407 square feet this quarter. As a result of the negative absorption, the overall retail market vacancy rate increased from 9.97% last quarter to 12.10% during the second quarter of 2019. The quarterly average shop space weighted rental rate increased from $12.20 per square foot to $12.88 per square foot during the second quarter of 2019. Core shopping center weighted rents averaged $31.45 per square foot and non-core weighted rents averaged $9.90 per square foot. The range of rental rates spanned from $5.11 per square foot in East Spartanburg non-core retail shops to $32.47 per square foot in Woodruff Road core retail shops.

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2019 Q2 Retail Greenville-Spartanburg Report

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Crystal Baker | Colliers | Columbia

Crystal Baker

Research Manager | South Carolina

Columbia

+1 803 401 4230
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I am responsible for the collection of market data and the interpretation and reporting of key research insights for the state of South Carolina. I produce and distribute approximately 65 market reports per year for various property types including office, industrial, retail, multifamily, hotel, construction and parking. I manage research interns who collect the data for market reports and other projects. I am responsible for coordinating with regional and national researchers to produce branded thought leadership content. I am also involved in on-demand research projects for brokers and their clients as well as research initiatives related to the expansion of Colliers’ corporate services and advisory offerings across South Carolina. I strive to be an asset by providing the highest level of market intelligence. 

My experience in commercial real estate administration gives me a deeper understanding of the terminology and real estate processes, allowing me to provide the highest quality of research services to Colliers’ clients.

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