Colliers Report: Industrial market in rebalancing phase of upwards trajectory

February 15, 2023

Commercial Real Estate Research & Forecast Report
Q4 2022 Greenville-Spartanburg Industrial

By Ron Anderson | Vice President of Research & Information Technology

Market Highlights

Unprecedented demand forced the Greenville-Spartanburg industrial market into hyperactivity over the last two years with developers racing to deliver buildings fast enough to keep pace with demand. The market began a rebalancing cycle this quarter that brought construction back into equilibrium. During the fourth quarter, 951,147 square feet delivered with a rare net negative absorption of 162,961 square feet primarily due to multiple fourth quarter tenant occupancy dates being pushed to 2023.

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Key Takeaways

  • Greenville-Spartanburg industrial market activity is equalizing to pre-pandemic levels
  • There are ±4 million square feet of pre-leased space still currently under construction
  • Rental rates are continuing to increase quarter-over-quarter

Looking forward

Approximately 4 million square feet of pre-leased space is currently under construction and expected to deliver during the first quarter of 2023 and lead to high positive absorption. Record low Class B and C vacancy and availability throughout the market is also currently pushing absorption down. In 2023, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand.


About Colliers

Colliers | South Carolina is the largest full-service commercial real estate firm in South Carolina with 62 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 18 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 62 countries, our more than 17,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. With annualized revenues of $4.3 billion and $65 billion of assets under management, we maximize the potential of property and accelerate the success of our clients and our people. Learn more at, Twitter @Colliers or LinkedIn