NAI Earle Furman Releases Fourth Quarter 2014 Industrial, Office and Retail Market Reports
January 28, 2015
GREENVILLE, SC – NAI Earle Furman has released its Fourth Quarter 2014 Market Reports. Reports include market snapshots in the office, retail and industrial sectors of commercial real estate. The reports summarize the quarterly market statistics – including vacancy, construction, asking rents and absorption – across commercial property types and submarkets in the Upstate.
Among the highlights in the reports:
Office: The Upstate office market is seeing continued positive activity across all areas and classes, with the Greenville CBD performing particularly well. In the fourth quarter, vacancy decreased while net absorption and asking rents increased.
Retail: 2014 continued to see resurgence in the retail market place and ended with positive absorption and increasing rental rates. Asking rents are up 5.5% from the fourth quarter of 2013 and the vacancy rate is down 4.3% from 2013.
Industrial: Activity was strong in 2014 for the Upstate, SC Industrial Market. The fourth quarter ended with the overall vacancy rates down to 6.9% from 7.9% at the end of the third quarter and 8.2% at the beginning of 2014. Leasing activity to close out the year was strong with a positive absorption of 1,514,991 SF. New construction has had a positive effect on rental rates as they continue to increase to an average of $3.07/SF from $2.92/SF at the end of the past quarter.
The full reports are attached or can be found on NAI Earle Furman’s website at NAIEarleFurman.com. Market Reports are released quarterly.
About NAI Earle Furman
Based in Upstate South Carolina, NAI Earle Furman is a leading full-service commercial real estate firm specializing in the office, industrial, investment, retail, multifamily, healthcare and land sectors. They offer a wide range of services including sales, leasing, development, site selection, consulting and property management. A partnership with NAI Global allows NAI Earle Furman to access a network of worldwide real estate connections and offer international commercial real estate services to Upstate clients, while retaining local personality and knowledge. For more information, visit www.naiearlefurman.com
