Greenville ranks among national cities to watch
February 29, 2016
Greenville, SC, is on the list of cities to keep an eye on in 2016 in both the office and industrial arenas. Greenville has reached a point of economic stability, with positive job growth and a strong infrastructure track leading to consistent growth in logistics and supply chain presence in South Carolina.
According to CBRE Research, Greenville is following the national industrial trends: consecutive positive net absorption, rising rents, speculative development, investor interest and increased port activity. Nationally, the U.S. industrial market remains a favorable investment target for institutional capital seeking strong long-term fundamentals.
Secondary markets with favorable space that are well located along key supply chain transportation networks are welcoming industrial tenants. Greenville fits the description and as such was highlighted in CBRE’s U.S. Industrial & Logistics Q4 2015 Marketview. According to the report, Greenville is one of only 20 markets tracked by CBRE to post more than 1 million sq. ft. of industrial net absorption in the fourth quarter of 2015, and came in at 1.7 million sq. ft. of net absorption.
“While manufacturing continues to expand regionally, Upstate SC is also becoming more and more of a destination for supply chain operations, due to the connectivity of the transportation infrastructure, including the Inland Port and The Port of Charleston which is being noticed by industrial investors, developers, and logistics providers,” said Trey Pennington, CBRE Senior Vice President.
On the office side, Greenville was one of only six metros tracked by CBRE to record double-digit office rent growth. Greenville topped the charts with the largest change in vacancy in a suburban market and came in at No. 5 in the same category among metro markets. The other five metros to record similar levels of rent growth are in California.
CBRE Economic Advisors expects the momentum to continue in Greenville and throughout the South, noting the region should expect a boom in office-using job growth.
“The level of activity in the market, coupled with well capitalized office investors and a lack of new speculative product has pushed rents to record highs and vacancy to record lows,” said Charles Gouch, CBRE Senior Vice President.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
