NAI Earle Furman releases Fourth Quarter 2015 Industrial, Office and Retail Market Reports
January 27, 2016
GREENVILLE, SC – NAI Earle Furman has released its Fourth Quarter 2015 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate.
Among the highlights in the reports:
Office: Although the Greenville/Spartanburg Office Market saw an increase in the overall vacancy rate at 8.4%, there was a net positive absorption of 123,312 square feet in the quarter. The increased vacancy rate is primarily due to the combination of five buildings that brought 196,361 square feet of new office space to the market in conjunction with three tenants moving out of large spaces in the Greenville market.
Retail: Although there were moderate movements, it was more of the same for the Upstate retail market in the fourth quarter of 2015. Vacancy rate slightly decreased to 6.0%, down from 6.2%, and asking rental rates increased from $9.83 per square foot in the third quarter of 2015 to $10.12 per square foot in the fourth quarter of 2015. Net absorption was a positive 186,651 square feet and construction activity continues to increase with historically low vacancy rates.
Industrial: The industrial market for Upstate South Carolina saw continued growth for the fourth quarter of 2015. While vacancy remained at 7.4%, asking rental rates rose again from $3.56 up to $3.62. There was also a positive net absorption of 919,276 square feet.
The full reports are attached or can be found on NAI Earle Furman’s website at NAIEarleFurman.com. Market Reports are released quarterly.
About NAI Earle Furman
Based in Upstate South Carolina, NAI Earle Furman is a leading full-service commercial real estate firm specializing in the office, industrial, investment, retail, multifamily, healthcare and land sectors. They offer a wide range of services including sales, leasing, development, site selection, consulting, and property management. A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge. 2016 marks NAI Earle Furman’s 30thAnniversary. For more information, visit www.naiearlefurman.com.
