Colliers Report: Greenville-Spartanburg Industrial Market Q2 2025

Colliers | South Carolina Market Report

3PLs active as vacancy continues to normalize

Market Highlights

A strong 2025 continued for the Greenville-Spartanburg market with over 3.5 million square feet of gross absorption, dropping vacancy below 8.5%. Third-party logistics users, drawn by the area’s connectivity to ports and high availability of bulk inventory at low rates relative to surrounding markets, remain active on deals primarily leaning towards shorter terms. The construction pipeline continues to tilt heavily towards build-to-suit projects, though smaller shallow-bay and rear-load construction is active as rents are rising fastest for these properties.

Continue reading the full report.

Key Takeaways

• Third-party logistics absorbed large blocks of space on shorter-term deals, lowering vacancy by over 70 basis points
• Tenant expansions into recently-delivered spaces are creating modest vacancy risks in properties built after 2010
• Industrial land activity is growing for build-to-suit projects as site availability shrinks.

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 26 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 is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Services, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. With over $5.0 billion in annual revenues, a team of 24,000 professionals, and more than $100 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn