Colliers Report: Absorption in 2022 expected to top previous years as new construction delivers
May 4, 2022
Commercial Real Estate Research & Forecast Report
Q1 2022 Greenville-Spartanburg Industrial
Market Highlights
Construction prices are rising nationwide, which is in turn pushing rental rates upward. In Greenville-Spartanburg, however, demand is strong enough to weather the increase. Approximately 16 million square feet of new industrial space is currently under construction, the majority of which has been pre-leased.
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Key Takeaways
- As new construction is delivered, the Greenville-Spartanburg market is on track for another record-breaking year of absorption
- Demand is strong enough to continue leasing available space despite rising rental rates
- Greenville-Spartanburg prices remain lower than other industrial markets in the Southeast and nationwide
Looking forward
Tenants are willing to pay higher prices to secure a space within this growing industrial hub.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. Colliers is an Accredited Management Organization (AMO) through the Institute of Real Estate Management (IREM) and is the largest manager of commercial real estate properties in South Carolina, with a portfolio of over 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $3.0 billion ($3.3 billion including affiliates) and $40 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn.
