Q4 2024 Market Reports
Industrial
The Greenville-Spartanburg area, also known as South Carolina’s Upstate, has become a destination for auto parts makers and other manufacturers and distributors looking to locate near BMW’s largest global production facility in Spartanburg. Greenville’s location along the Interstate 85 corridor, which has accounted for a substantial share of the population and job growth in the Southeastern United States over the past decade, has also attracted distributors from major retailers in recent years.
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Office
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 is growing. A mid-size Sun Belt region with a strong job market and comparatively inexpensive housing stock, population growth has greatly outpaced the national average here. With all those new residents, demand for retail shopping has followed. The combination of growing demand and slower construction have combined to give the Greenville market a record low availability rate. Retail net absorption has remained consistently positive as discounters and experiential retail brands continue to enter the market, outweighing the impact of high-profile mall closures.
