Q1 2021 MARKET REPORT UPSTATE SOUTH CAROLINA | RETAIL
UPSTATE, SC VACANCY 4.9% RBA 89,741,777 SF AVAILABILITY 5,230,040 SF
*ANDERSON, CHEROKEE, GREENVILLE, LAURENS, PICKENS, SPARTANBURG 5.8%
DELIVERED NET ABSORPTION 13 68,257SF 358,846 SF CAP RATE 6.1% BUILDINGS UNDER CONSTRUCTION 26 651,498 SF
101 E Washington Street, Ste. 400 | Greenville, SC 29601 Source: Q1 2021 MARKET REPORT UPSTATE SOUTH CAROLINA | RETAIL
SPARTANBURG CBD + WEST SIDE GREENVILLE CBD INVENTORY: 7.9 M SF INVENTORY: 960 K SF
VACANCY Q1: 5.8% VACANCY Q1: 4.8% Q4: 5.9% Q4: 5.2%
ABSORPTION Q1: 3,844 SF ABSORPTION Q1: 75,113 SF 12 Month Net Absorption SF Q4: (27K) SF 12 Month Net Absorption SF Q4: 2,798 SF Q1: $10.74 Q1: $25.55 RENTAL RATE Q4: $10.77 RENTAL RATE Q2: $25.62
UPSTATE MARKET OUTLOOK NOTABLE Q1 TRANSACTIONS
Greenville’s retail and hospitality sectors make LEASED up roughly 20% of jobs in the metro and were two of the hardest hit employment sectors in Chris Harrison leased 3,565 the initial months of the pandemic. The metro SF of retail space (Suite 6) located at 626 Congaree has posted negative absorption over the past Road, Greenville, SC year, and the trend is expected to continue, as numerous retailers have announced store closures in the area. As a result of the move- outs, vacancies have been on the rise. One of the only key indicators of stability through the SOLD pandemic has been investment volume. Ted Lyerly, CCIM sold a New deliveries in Spartanburg County have Family Dollar located at 3206 Robertson Blvd., been minimal, helping to keep vacncies near the Walterboro, SC national average, at roughly 6.4%. However, the coronavirus pandemic lead to negative absorption and flat annual rent growth. Despite the lack of significant rent growth, investment continued near normal levels, with roughly LEASED $50.8 million trading hands. Jimmy Wright and Geoff Beans leased Suite 853 Source: located at 831 - 861 NE Main St., (Carolina Place), Simpsonville, SC
UPSTATE SC DEMOGRAPHICS
MEDIAN HOUSEHOLD UNEMPLOYMENT POPULATION HOUSEHOLDS MEDIAN AGE INCOME RATE 1,326,744 515,030 39.5 $54,673 9.9%
101 E Washington Street, Ste. 400 | Greenville, SC 29601 Q1 2021 MARKET REPORT UPSTATE SOUTH CAROLINA | RETAIL
Inventory 38.1 M SF Vacancy Rate 4.6% Inventory 3.4 M SF Market Rent $12.98/SF Vacancy Rate 6.3% Inventory 7.1 M SF Net Absorption 204,683 SF Market Rent $5.84/SF Vacancy Rate 3.8% Net Absorption 4,238 SF Market Rent $11.65/SF Net Absorption 17,502 SF CHEROKEE
GREENVILLE
SPARTANBURG PICKENS
Inventory 23.5 M SF Vacancy Rate 6.6% Market Rent $10.24/SF Net Absorption (168,009) SF
ANDERSON LAURENS
Inventory 3.2 M SF Vacancy Rate 4.0% Inventory 14.5 M SF Market Rent $7.62/SF Vacancy Rate 3.3% Net Absorption (3,234) SF April 2021 Market Rent $8.68/SF Net Absorption 13,077 SF
ABOUT NAI EARLE FURMAN NAI Earle Furman (NAIEF) is the Upstate’s largest commercial real estate brokerage and property management firm and has been providing superior results to its clients for over thirty years. With three Upstate offices, NAIEF delivers creative solutions to ensure client success while promoting a culture of collaboration, drive, and innovation. The company’s unique shareholder-owned structure creates an engaging environment which thrives on mentorship and common goals. Invested in the community and its people, the NAIEF team is committed to being experts in the field of commercial real estate and improving the Upstate market through its wide range of quality client services.
In 2017, NAI Earle Furman, serving the Upstate of South Carolina, and North Carolina’s NAI Piedmont Triad joined forces to form a creative commercial real estate collaboration across state lines. The teams expanded their market footprint in 2019 by partnering with the newly rebranded NAI Columbia (formerly Avant) group operating in the South Carolina Midlands. This strategic alliance equally benefits all three firms with additional manpower, expanded resources, and ever-evolving cross-market projects fueled by combined expertise. Learn more at www.naief.com
101 E Washington Street, Ste. 400 | Greenville, SC 29601