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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