Colliers Greenville-Spartanburg Industrial Report: Industrial performance expected to rebound with increases in activity
April 18, 2024
Commercial Real Estate Research & Forecast Report
Q1 2024 Greenville-Spartanburg Industrial
Market Highlights
Recovering from 2023, Greenville-Spartanburg’s industrial landscape and performance increased across most metrics. Deliveries, net absorption and overall lease rates improved from the fourth quarter of 2023 while construction remained flat. Vacancy increased to 10.08%, however, deliveries and the construction pipeline are expected to slow and allow the market to absorb available space.
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Key Takeaways
- Healthy increase in net absorption and decrease in sublease availability
- Vacancy rose but activity increased moving into the second quarter
- Rebound expected for 2024
- Risk of headwinds with new deliveries is decreasing
Looking forward
Sublease vacancy continued to decrease with an increase in inquiries and tours focused on manufacturing and distribution. Overall the market’s industrial performance health continues to improve and inspires optimism for the remainder of 2024.
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 66 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.3 billion and $98 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.
