Columbia, South Carolina's retail sector seems steady, as many core fundamentals have shown little change, as displayed in a market report from Colliers.
The most eye-dropping statistic was absorption turning negative, at -5,000 square feet. That comes after the category found itself in positive territory in both the previous three months (4,800 square feet) and (48,200 square feet) in the 12 months prior.
Vacancy was up by a slight four basis points from the fourth quarter but down 60 basis points year-over-year to 3.8 percent. Colliers attributed some of the spikes to the national trend of retail bankruptcies — but they only had a "modest impact" on Columbia.
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The performance was mixed in terms of sales in the market.
"Sales volume remained steady as investors continue to pursue retail options in a low-vacancy environment, though high financing costs are slowing capital deployment," Colliers wrote.
The biggest trade involved Irmo Station, which went for $19.1 million. That was followed by Lexington Place and 4114 Forest Dr., which sold for $15.3 million and $11.3 million, respectively.
Shop space lease rates was the only category that was up consistently across the board — although at a modest two cents quarter-over-quarter and four cents year-over-year. The average was $22.84 per square foot NNN. The highest rate was seen in the Forest Drive submarket, which posted a median of $29.37.
Retail Inventory in Columbia has remained unchanged since at least the first quarter of 2024. But in the first three months of 2025, 123,400 square feet of product was under construction.
Going forward, Colliers predicts that new availability in the market will provide "fresh liquidity in a tight market."
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Anthony Russo
Anthony Russo has been contributing to GlobeSt. since July 2024. Along with CRE, his financial background expands to capital markets, the economy, and consumer issues. Previously, he has written for CapitalWatch and was a senior reporter for The US Sun.
