Vacancy Stable as Upstate Continues to Grow

Key Takeaways

  • Vacancy moved up slightly.
  • Core markets have highest rents.

Market Conditions

The second quarter of 2017 was very active in the Greenville-Spartanburg-Anderson retail market. Vacancy overall crept upward as junior anchors like HH Gregg vacated space. Overall rents continued to rise, with small shop space in core areas increasing 3.4% from the first quarter and 1% in non-core areas. Overall absorption in core areas was 34,500 net negative square feet for the quarter. Urban retail rents continued to escalate in all submarkets as retailers expanded beyond Main Street and the West End into the Village of West Greenville and the Main and Stone neighborhoods.

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