Colliers Report: New waves of construction surge to meet ongoing demand
August 2, 2022
Commercial Real Estate Research & Forecast Report
Q2 2022 Greenville-Spartanburg Industrial
Market Highlights
There are currently ±15.6 million square feet of industrial space under construction in Greenville-Spartanburg, many of which are pre-leased speculative buildings, with six million square feet scheduled deliver before year-end and an additional five million square feet are expected to begin construction in 2023.
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Key Takeaways
- Approximately 20 million square feet of new product is in the construction pipeline, with more than half anticipated to deliver within the next 18 months
- Robust activity continues to outweigh hesitancy in this market despite increasing costs, rising interest rates and capitalization rate compression nationwide
- Cherokee County is quickly becoming the next industrial hotspot
Looking forward
These increasing costs and rising interest rates coupled with capitalization rate compression are creating some expected uncertainty in the market. However, activity continues to outweigh hesitancy with positive absorption and a declining vacancy rate.
About Colliers
Colliers | South Carolina has over 140 staff members, including 62 licensed real estate professionals, covering the entire state with locations in Charleston, Columbia, Greenville and Spartanburg. Total 2021 brokerage volume exceeded $1 billion, which included over 590 sales and leasing transactions. In addition to traditional commercial real estate representation services for our clients, the company is actively engaged in Corporate Solutions and Healthcare Services. 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 17 million square feet of office, industrial, retail and healthcare properties. Colliers’ staff hold 54 professional designations, the most of any firm in South Carolina. Colliers | South Carolina’s partner, LCK, provides project management services for new facilities and renovations across South Carolina and set a new record by managing a portfolio of projects approaching $1 billion in volume during 2021.
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 corporate.colliers.com, Twitter @Colliers or LinkedIn.
