NAI Earle Furman Releases Second Quarter 2015 Industrial, Office and Retail Market Reports
August 4, 2015
GREENVILLE, SC – NAI Earle Furman has released its Second Quarter 2015 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 Office Market in the Upstate of South Carolina continued to see steady progress in the 2nd quarter of 2015. While this progress was not dramatic, it was favorable to experience continued “improving trends.” Net absorption was positive (80,672 SF) for the 2nd quarter which was encouraging, but not as good as reported in the 1st quarter of 2015 or the 4th quarter of 2014.
Retail: The Greenville/Spartanburg Market is continuing to grow both in population and retail properties. Across the board, the asking rents are up; over the past four quarters, they are up 5.3% according to CoStar. At the same time, vacancy has dropped slightly year over year.
Industrial: Second quarter 2015 has been healthy in the Upstate Industrial Market, led by continued construction and positive absorption. The overall vacancy rate slightly decreased to 7.9%, from 8.0% in Q1 2015, which was the result of positive net absorption of 586,147 SF. Although there is 1.2 million square feet of speculative warehouse space under construction or announced, average asking rental rates decreased to $3.23/SF from $3.56/SF in first quarter 2015.
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
