NAI Earle Furman releases third quarter 2015 industrial, office and retail market reports
October 28, 2015
GREENVILLE, SC – NAI Earle Furman has released its Third 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: The office market continues to perform well in the Upstate. Asking rates have risen 3% since last quarter and the vacancy rate has steadily declined to 8.1% from 9.1% at the end of the fourth quarter of 2014. Overall, the Upstate is performing better in Class A.
Retail: Conditions continued to improve for the Third Quarter of 2015 in the Greenville/Spartanburg retail market. The two key drivers were: asking rents, which increased for the fourth consecutive quarter, and vacancy rate, which decreased for the fourth consecutive quarter.
Industrial: The industrial market in the Upstate continues to move in a positive direction. There was a decrease in vacancy from 7.9% in the second quarter to 7.4% in the third quarter, along with a positive net absorption of 1,108,504 square feet. After a previous dip in asking rental rates, rates are back up from $3.23 per square foot to $3.56 per square foot.
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. For more information, visit www.naiearlefurman.com
