As we delve into the first quarter of 2023, the commercial real estate market in South Carolina continues to be a dynamic and ever-evolving landscape. This report provides valuable insights into the performance and outlook of various sectors within the commercial real estate market in South Carolina. Let's dive in and analyze the highlights of the first quarter of 2023.
Office Sector The prevalence of remote work and hybrid models continues to influence the market. Many companies are adopting flexible office arrangements, incorporating co-working spaces and remote work options, leading to a reevaluation of office space requirements.
Demand for office space is stronger than nationwide in the following metro cities of South Carolina:
Metro Area | Market Cap Rate |
Charleston, SC | 7.8% |
Florence, SC | 8.7% |
Greenville, SC | 8% |
Myrtle Beach, SC | 8.7% |
Spartanburg, SC | 9.1% |
Multifamily As investors and industry professionals navigate the multifamily landscape, understanding emerging trends and market dynamics will be essential for making informed decisions and capitalizing on opportunities for long-term success.
Demand for multifamily space is stronger than nationwide in the following metro cities of South Carolina:
Metro Area | Market Cap Rate |
Charleston, SC | 4.3% |
Myrtle Beach, SC | 4.8% |
Spartanburg, SC | 4.8% |
Retail Sector The rise of experiential retail, including entertainment, dining, and recreational activities within retail spaces, gained momentum as it offered unique experiences to consumers.
Demand for retail space is stronger than nationwide in the following metro cities of South Carolina:
Metro Area | Market Cap Rate |
Charleston, SC | 6.4% |
Columbia, SC | 7.9% |
Florence, SC | 8.4% |
Greenville, SC | 6.9% |
Myrtle Beach, SC | 7.3% |
Spartanburg, SC | 8.2% |
Industrial The growth of online shopping, accelerated by the pandemic, led to a significant rise in logistics and fulfillment requirements. The rise of same-day and next-day delivery expectations further fueled the need for efficient last-mile logistics capabilities.
Demand for industrial space is stronger than nationwide in the following metro cities of South Carolina:
Metro Area | Market Cap Rate |
Charleston, SC | 6.5% |
Greenville, SC | 7.5% |
Spartanburg, SC | 7.3% |
The Commercial Real Estate market remains resilient and attractive within South Carolina. Strong rental demand, evolving demographics, and lifestyle preferences continue to drive the market's performance.
Understanding emerging trends and market dynamics will be essential for making informed decisions and capitalizing on opportunities for long-term success.
Download the full report for South Carolina below:
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