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Market Report

Charleston Retail Market Report

4Q 2023

Charleston’s Retail Segment Benefits from
Multiple Channels of Economic Growth

Downtown’s office sector stirs demand for retail space. On net, companies moved into an all-time high amount of office space in the core during 2022. The boost to foot traffic volumes that has since resulted has motivated several retailers to execute expansion initiatives in the CBD. A near record-level of net absorption over the past year reflects this, with retail vacancy in Downtown Charleston falling 190 basis points to 3.0 percent in June. Amid nominal construction and four-year low vacancy, some prospective retailers in the core may have to explore opportunities in other growing business corridors moving forward, such as Outlying Berkeley County. Here, office stock expanded 20 percent from the end of 2019 to June 2023, potentially providing a boost to local retailer performance as companies move in and hire. 
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