Colliers Report: Upstate industrial market finds balance in macroeconomic headwinds

November 3, 2022

Commercial Real Estate Research & Forecast Report
Q3 2022 Greenville-Spartanburg Industrial

Market Highlights

Year-over-year under construction square footage and related absorption has increased exponentially in the Upstate, but with current economic uncertainty, how long will this surge last? There continues to be record-setting speculative development throughout the Greenville-Spartanburg market, but a shrinking speculative development pipeline is likely in the future.

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Key Takeaways

  • Greenville-Spartanburg is not experiencing same macroeconomic challenges as many other markets due to increased manufacturing interest
  • Speculative development still at all-time high throughout the market
  • 2023 speculative development pipeline will likely decrease but absorption and vacancy rates will remain healthy

Looking forward

Current vacancy is at a record low with future pipeline less robust than in the past, which will keep the market from being “over built” and prevent market rental rates from decreasing while preserving development value. This market is insulated from many current macroeconomic headwinds due to diversified demand drivers and an expanding manufacturing base.



About Colliers

Colliers | South Carolina has over 145 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, Twitter @Colliers or LinkedIn.