Colliers Greenville-Spartanburg Industrial Report: Rapid supply growth creating tenant-friendly market
July 23, 2024
Commercial Real Estate Research & Forecast Report
Q2 2024 Greenville-Spartanburg Industrial
Market Highlights
With over 7,000,000 square feet of product already delivered this year, the Greenville-Spartanburg industrial market is experiencing oversupply. Vacancy is likely to peak in 2024 as deliveries slow with strong leasing interest from both manufacturing and distribution users creating optimism for Q3 and Q4.
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Key Takeaways
- Deliveries have outpaced absorption as pandemic-era building boom tapers
- Vacancy likely to peak ahead of anticipated rate cuts
- Demand remains strong and leasing focused
Looking forward
Uncertainty over rate cut timing and election cycle-driven hesitancy are slowing decision making for tenants and investors alike. Fewer construction starts are anticipated as the pipeline thins, though expected rate clarity is likely to spark renewed activity in a slow investment market.
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.
