Q2 2024 Market Reports
Industrial
South Carolina’s Upstate, particularly the Greenville-Spartanburg area, has become a hotspot for auto parts manufacturers and other industries, thanks to its proximity to BMW’s largest production facility in Spartanburg. The strategic location along the Interstate 85 corridor has fueled substantial population and job growth, attracting major retail distribution centers to the area.
READ FULL INDUSTRAL REPORT HERE
Office
Like many tertiary markets in the Southeast, Greenville has seen strong job and population growth since 2020. While this job growth has kept office vacancies here below the national average, the area has not been immune from broader shifts in office use and a slowdown in office-using hiring. Greenville’s manufacturing and distribution sector often garners more national attention than other sectors. As the market becomes an increasingly important regional center, however, office-using sectors such as financial services and professional services have also grown, as have administrative offices for the many logistics and manufacturing companies here.
Retail
Greenville’s population growth and downtown revitalization have spurred some suburban strip center development and mixed-use, adaptive reuse projects near downtown and along key transportation routes. However, new construction starts have dropped by more than 55%, and most under construction retail spaces are built-to-suit or fully pre-leased.
