Colliers Report: Strong quarter signals rebalancing market
November 4, 2024
Commercial Real Estate Research & Forecast Report
Q3 2024 Greenville-Spartanburg Industrial
Market Highlights
Greenville-Spartanburg’s industrial demand returned to strong performance in Q3 with 944,413 square feet of net absorption driving vacancy to its lowest level this year. The market is approaching the tail of an intensive three-year construction cycle in which nearly 36.5M square feet have delivered. While this boom has kept vacancy elevated relative to historical averages, steady-state leasing volume has also increased as users find success with the market’s relatively low costs and strong workforce.
Click here to read the full report.
Key Takeaways
- Vacancy decreased to 11.06%, its lowest level in 2024
- 9,460,613 square feet have delivered this year to date as a building boom tapers
- Leasing interest and activity are increasing as the market recalibrates
Looking forward
While over half of the market’s vacancy remains concentrated in newer speculative buildings, in-market tenants are beginning to trade older Class B and C buildings for Class A spaces. 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.
About Colliers
Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 66 licensed real estate professionals covering the state with locations in Charleston, Columbia, Greenville and Spartanburg. 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 23 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold the most professional designations of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.
