Retail Vacancy and Rental Rates Down in Greenville-SpartanburgBy
Vacancy is back to pre-recession figures in the Greenville-Spartanburg area but rental rates continue their recessionary declines. Net absorption continues to be positive, according to the mid-year retail and real estate report by Lee & Associates Greenville.
The vacancy is 7.1% as of the second quarter of 2011. This is a steady decrease from previous quarters, falling from 7.5% at the end of the third quarter in 2010. Rental rates are $9.70 per square foot, which continues to fall from more than $11 per square foot in 2007.
Net absorption ended at a positive 227,952 square feet for the second quarter, which Lee said is a strong position and the fourth consecutive quarter of positive absorption.