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A combination of national retail bankruptcies, low availability of quality inventory and declining consumer confidence met strong population growth rates to maintain an uneasy stability for South Carolina’s retail market in the first quarter, according to a 25Q1 report from Colliers.

Colliers said the construction pipeline remains robust at 644,681 square feet in tracked retail nodes, driven by a combination of outward population expansion and redevelopment of legacy indoor mall sites.

While national retailer bankruptcies were popular news stories, the eventual impact has proven subdued as many former spaces were quickly backfilled or returned to active use, with Greenville seeing the most notable (and likely short-term) impacts, Colliers said.

Its report said the uncertain economic environment, marked by rising bond yields and shrinking cap rate spreads, slowed acquisition activity sharply after Q4 saw several notable properties trade.

Total inventory grew to 101,255,388 square feet as 147,167 square feet of new construction delivered across the state.

Net absorption of 214,254 square feet statewide marked overall health, slowed somewhat by national retailer closures, Colliers said.

It said 650,481 square feet remain under construction within tracked submarkets. Shop space asking rents were effectively flat at $24.20.

Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg.