The industrial real estate market in the Greenville-Spartanburg metro area appears to be rebalancing after a 3-year construction tear , according to a new report by Colliers, a global commercial real estate firm. Greenville-Spartanburg, South Carolina's largest metro, doubled its rate of new residents arriving during the COVID-19 pandemic, leading the state and close to the front of the pack nationally. In the third quarter, industrial vacancy fell to 11.
06 percent — the lowest level this year. That was coupled with about 944,413 square feet of net absorption, the report said. Nearly 36.
5 million square feet of industrial space has been delivered in the market in the last three years, which Colliers said has kept vacancy high relative to historical averages. About 4.4 million square feet remain under construction, which is lower, year-over-year.
Nevertheless, steady-state leasing volume has increased, the report said. Half of the market’s vacancy remains concentrated in newer speculative buildings, but in-market tenants are starting to trade older, Class C and Class B structures for newer Class A buildings. “Continued high activity and overall market interest from distribution and manufacturing prospects portend strong absorption through 2025 with labor issues at the Port of Charleston the primary threat,” the report said.
New tenants were announced for the mixed-use village at Hartness , the 480-acre luxury planned community east of Greenville. Brio Primary Care, Win.
