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2019 Q3 Industrial Greenville-Spartanburg Report

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Key Takeaways

  • Absorption through the third quarter of 2019 reached 8.45 million square feet.
  • Investment sale prices are rising and cap rates are down.
  • Inland Port Greer and Inland Port Dillon are recording record-breaking container volume.
  • Three new cranes with 155 feet of lift height were delivered to the Wando Welch Terminal in Mount Pleasant.

Absorption to surpass predictions

As an emerging internationally recognized manufacturing and distribution hub-the Greenville-Spartanburg market continues drawing out-of-market owner/users to the Upstate, as existing owners continue expanding their holdings. Through the third quarter of 2019, there have been approximately 8.45 million square feet of absorption. The ratio of build-to-suit versus speculative construction is 65:35, with build-to-suits meeting specific or unique user needs in the market. Large speculative projects by SunCap, Exeter and Red Rock completed during the second quarter of 2019. Industrial real estate velocity and related absorption has ramped up during the third quarter with multiple new projects kicking off.

Despite hesitancy regarding trade tariffs and global economic constraints, the Greenville-Spartanburg industrial real estate market is performing at record-breaking levels. Absorption will likely surpass 10 million square feet during 2019.


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2019 Q3 Industrial Greenville-Spartanburg Report

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Related Experts

John Montgomery

Managing Director

Spartanburg

I am a Managing Director of Colliers | South Carolina in the Spartanburg office, specializing in industrial buildings, industrial land and tenant representation. 

My experience includes master-planning and developing thousands of acres of real estate as well as attracting significant economic development projects worth billions of dollars and thousands of jobs including Toray Carbon Fibers, Ritrama, Kobelco, Keurig Dr. Pepper, Magna Seating and Techtronics Industries.

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Garrett Scott

Managing Director

Spartanburg

With more than 30 years’ experience in brokerage and industrial development in the Upstate of South Carolina and beyond, I offer expert advice and a unique perspective which gives my clients the edge in a competitive market. 

My experience includes the planning, acquisition and implementation of more than 31 industrial parks in key manufacturing and distribution markets. In addition, I have been responsible for the development of more than 38 million square feet of industrial space including Class A manufacturing, automotive supply, warehouse, logistics fulfillment and e-commerce related facilities. 

More than 140 clients have relied on me to manage the start-up and implementation of their facilities. This background brings invaluable experience and understanding which allows me to meet the needs of tenants, developers and investors “from dock-door to C-suite”.

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Brockton Hall

Vice President

Greenville

Brockton Hall is a Vice President with Colliers International in the Greenville and Spartanburg offices. He is a member of the Upstate industrial team along with long-time real estate professionals, Garrett Scott and John Montgomery. This team specializes in the needs of industrial landlords and occupiers throughout the Southeast. 

Hall comes from a commercial construction background with years of experience in the commercial sector working on projects including K-12, office and institutional. He also has significant renovation and retrofitting experience. His construction background allows him to assist occupiers with their building specifications and advise them during the build-to-suit and new construction process. For developers and investors, he is well-equipped to advise on construction-related issues involved in tenant upfits, value-add projects and new development.

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Dillon Swayngim

Vice President

Spartanburg

I specialize in industrial and flex properties through landlord and tenant representation as well as industrial investment sales. 

I define success in my work as going above and beyond for clients and when the projects that I work on produce a substantial impact on local and regional economic development. My client roster has included large companies such as Amazon, institutional investors and small local businesses. Each of my clients are treated in the same manner as they expect responsiveness, professionalism and market expertise, and I take pride in being able to deliver each for them. Being able to identify operational inefficiencies and identify solutions for my clients is one of my biggest assets.

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Richard Barrett

Senior Brokerage Associate

Greenville

I specialize in flex office and industrial brokerage at Colliers International’s Greenville, SC office. I have many years of experience in the industrial business world and understand the demands that businesses experience regarding real estate. I strive to make the process as smooth as I can for my clients and offer them empathy and knowledge for getting the best space for their needs. I am inspired and motivated by the beauty of business growth. Seeing a company start from a small garage startup and grow into a powerful industry leader is exciting, and I am proud to be able to play a part in helping clients get started in a building of their own.

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