Rents Begin to Bounce Back for Retail Sector in Upstate South Carolina as Vacancy Ticks Up, NAI Earle Furman Finds

GREENVILLE, S.C. — Asking rents for the retail market in Upstate South Carolina are beginning to bounce back from the COVID-19 hit the sector took in the first quarter, NAI Earle Furman research has found. The Greenville-based brokerage firm reports that second-quarter rents were up nearly 10 cents to just shy of $10.90 across the region and $1.10 higher in the Greenville central business district (CBD) and West End. For the region, asking rates were around $11 per square foot at year-end 2019, showing the market still has some recovering to do, though. Additionally, the vacancy rate has climbed to nearly 5 percent in the second quarter, up from 4.5 percent the previous quarter and just over 4 percent at the end of 2019. Vacancy in the Greenville CBD was relatively flat, coming in at 5.3 percent in the second quarter, compared with 5 percent in the first quarter. Absorption fell slightly in Upstate, too, from 8,000 square feet to 1,000 square feet of positive absorption.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.

Related News

Webinars on Demand


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties