CBRE | The Furman Co. Releases Q1 2013 Office, Industrial and Retail MarketViews
May 15, 2013
GREENVILLE, SC – May, 15, 2013 – CBRE | The Furman Co.’s has released their latest update on the office, industrial and retail commercial real estate markets in the Upstate of South Carolina. All three sectors are seeing growing momentum in the form of declining vacancy, increased construction, or both.
The following are highlights of each report.
Office
- The first quarter of 2013 saw negative absorption of nearly 30,000 square feet as large tenants gave back sizable blocks of space. This was in spite of the completion of 135,000 square feet of occupied office space.
- Large tenants are relocating in the CBD, opening up significant blocks of Class A space which is an attractive selling point for class B CBD users and Class A Suburban users.
- The vacancy-availability gap in the CBD is now at historic lows, which indicates positive momentum in spite of looming vacancies.
Industrial
- The first quarter marked the eighth consecutive quarter of declining vacancy. Over that time span, vacancy has declined 183 basis points to 8.3 percent.
- Expansion was the trend for new construction in the first quarter with BMW, Michelin, and JTEKT in the process of expanding their respective facilities by over 2.5 million square feet.
- The Inland Port’s pending completion is driving interest along the I-85 corridor as the market continues to build upon its manufacturing base while becoming a distribution hub.
Retail
- Retailers have reduced costs through more efficient operations and smaller foot prints in response to post-recession demand and consumer showrooming.
- In the next 24 months, expect to see increased development activity in Pickens and Powdersville as a result of Walmart developments.
- Vacancy declined 21 basis points to 7.2 percent vacancy. The most substantial movements of the quarter included the completion of two Walmarts: a new supercenter in Powdersville and their new Marketplace concept in Greer.
For the MarketViews that contain more in depth information, follow the links below:
About CBRE | The Furman Co. | CBRE | The Furman Co. is upstate South Carolina’s leading commercial real estate services firm, having served the area’s dynamic I-85 business corridor since 1888 in the areas of office, industrial, retail and investment properties. An affiliate of the CBRE Group, Inc., the world’s premier, full-service real estate services company, our professionals are able to tap into a comprehensive, fully-integrated, global services operation to deliver superior results.
