Marcus & Millichap

South Carolina Local Retail Report

Second Quarter 2019

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Improving Housing Market Fueling Consumer Demand and Boosting Local Retail Appeal

South Carolina metros have settled into a period of steady growth. Most of the impressive rent and occupancy gains are behind the local markets, though improvement will continue through the current expansion. Job growth is sturdy, which is resulting in tailwinds for the retail sector in the state. Home sales, in particular, will support consumer demand after each of the three metros set a new cyclical peak in 2018. The pace of home sales is anticipated to remain fairly consistent with the pace set last year, leading to big-ticket item purchases to fill newly acquired houses. As a result, retail sales are forecast to surpass 4 percent in each of the markets and drive space demand for retailers that stock durable goods. Furthermore, new rooftops support the need for necessity-based retailers in suburban neighborhoods. Neighborhood and community centers near home construction are poised to outperform.

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