Colliers South Carolina Industrial Report: Upstate absorption carries statewide performance
February 5, 2025
Commercial Real Estate Research & Forecast Report
Q4 2024 South Carolina Industrial
Market Highlights
South Carolina saw major deals in the Upstate by third-party logistics firms and automotive OEMs drive nearly 4.9M square feet of net absorption statewide to close out 2024. Activity was uneven around the state, with strong absorption in the Greenville-Spartanburg and York County markets countered by net negative absorption in Charleston as move-outs pushed vacancy higher.
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Key Takeaways
- Construction pipeline is normalizing as Upstate and Charleston markets absorb excess inventory
- Impact of potential tariffs is creating a wait-and-see atmosphere for manufacturing while warehousing benefits
- S.C. Ports saw volume rise over 2023 as infrastructure investments create capacity
Forecast
Continued uncertainty around tariffs’ effects on imports has had a moderate impact with deals in the Upstate and Jasper County markets the result of Chinese firms onshoring inventory. Port of Charleston volume rose slightly over 2023 as Inland Port Greer saw record rail moves as rail line and container yard enhancements completed in Q4, a trend expected to continue in 2025.
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 25 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 68 countries, our 22,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. With annual revenues of $4.4 billion and $96 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.
