Colliers Report: 2021 lays groundwork for record-breaking 2022 in the Greenville-Spartanburg industrial market
February 7, 2022
Commercial Real Estate Research & Forecast Report
Q4 2021 Greenville-Spartanburg Industrial
2021 lays groundwork for record-breaking 2022
Market Highlights
The Greenville-Spartanburg market experienced a surge in industrial demand in 2021, paving the way for record-breaking construction and absorption in 2022 and beyond. Major factors influencing this dynamic include an increase in business activity and expansions at the Port of Charleston and the Inland Port in Greer, the market’s strategic interstate location between Charlotte and Atlanta, e-commerce and supply chain reconfigurations, the availability of shovel-ready sites, and the ongoing expansions of automotive/advanced manufacturing operations and their related supply networks in this region.
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Key Takeaways
- A strong distribution/logistics base, major automotive and advanced manufacturing operations and related supplier networks are contributing to strong ongoing industrial growth in Greenville-Spartanburg
- The annual net absorption during 2021 was 10.2 million square feet with rapid absorption expected next year.
Summary
More than 10 million square feet of new industrial projects have been announced since January 2021 and another ±5.43 million square feet are in the planning stages or proposed for future development. Many of the buildings delivered this year have already been absorbed, making new construction necessary to meet continued demand.
