South Carolina Multi-Tenant Retail Sales Comp Report
Market Snapshot
South Carolina has become a focal point for institutional investors, funds, and private clients. This interest is driven by its strong economic performance, population growth, and favorable market dynamics. Coastal communities like Charleston and Myrtle Beach are thriving due to a combination of tourism-driven revenues and steady population growth. Retail vacancy rates across the country remain low, on average 3%. Rental rates in Charleston and Hilton Head surpass state averages and continue to rise at approximately 3% annually. Charleston, in particular, has experienced a surge in activity fueled by the Port of Charleston and planned development of the North Charleston Navy base. This has catalyzed population growth and auxiliary employment opportunities. This growth has pushed average pricing above the national average. Current pricing stands at $194.86 per square foot—higher than the U.S. average.
Inland metros such as Greenville have also demonstrated strong performance, with robust leasing activity supported by population-driven demand and a diversified economy. The retail and shopping center market across the state remains strong, underpinned by historically low vacancy rates and limited new supply due to high construction costs and scarce undeveloped land. These conditions have intensified tenant competition for prime spaces, driving rental rate growth. Development efforts have focused on smaller-scale, convenience-oriented projects (Essential Service Retail) like grocery-anchored centers and strip malls, while older properties, such as legacy malls, are being redeveloped into mixed-use centers to align with changing consumer and investor preferences. Submarkets like Indian Land, Boiling Springs, Dorchester Road, and Nexton/Highway 17 are experiencing targeted expansions, further boosting the state’s retail landscape.
Of note is that funds and institutional capital is now very actively targeting the unanchored retail space. In our strip center roundtable discussion Matthews™ recently hosted, it was interesting to see that nearly half of participants preferred “mom and pop” tenants compared to national credit/corporate leases. Visit matthews.com/strip-center-roundtable for full video and article about the discussion.
By the Numbers
- Sales Volume: $505.78M
- Sale Price per SF: $194.86
- Number Properties: 110 | 2024
