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.
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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