Colliers Greenville-Spartanburg Industrial Report: Large-scale deals lead to highest absorption in years
January 27, 2025Commercial Real Estate Research & Forecast Report
Q4 2024 Greenville-Spartanburg Industrial
Market Highlights
Three deals over 1M square feet headlined a robust quarter as the Greenville-Spartanburg market posted 5,336,814 square feet of net absorption, cutting into a supply glut built up over multiple years of high delivery volumes. Automotive OEMs led the market with several large-scale lease and sale deals. The region’s building boom, in which over 41M square feet have delivered since the end of 2020, continues to taper drastically with the construction pipeline declining to 2.8M square feet.
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Key Takeaways
- Over 7.3M square feet of gross absorption contributed to one of the Upstate’s most successful quarters to date
- Automotive and distribution users continue to take down large blocks of space
- First-generation tenants are largely willing to pay asking rents with sufficient tenant improvement allowances
Looking forward
Speculative construction is slowing to a halt as the market digests 17M square feet of still-vacant Class A space. Heading into 2025, user demand is expected to be similarly strong as the greater I-85 corridor remains one of the nation’s hottest industrial markets, portending rising rents and continued absorption. Inland Port Greer’s expansion will add new intermodal capacity in mid-2025.
About Colliers
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