Sep
08

Greenville-Spartanburg Retail Vacancy at 12%

By
– SCbizmag.com

For the past 18 months, retail real estate vacancy has hovered at just over 12%. According to CB Richard Ellis Inc. The Furman Co. quarterly report, two disparate forces are impacting the current market.

“On one hand, the general economy is still trying to get back on track, which limits prospects for future development,” the report said. “At the same time, national and regional retailers that are able to expand are taking advantage of current market conditions by negotiating aggressively to secure superior locations.”

The latest large store closings include Peak Fitness and Converse Cinema in Spartanburg, vacating more than 50,000 square feet of space. Meanwhile, other retailers have backfilled other space. Buy Buy Baby took 29,000 square feet of a former Linen’N Things at the Shops at Greenridge, and Trader Joe’s took the last 15,000 square feet of a former BJ’s Wholesale Club in Greenville.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE

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