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2020 Q2 Industrial Greenville-Spartanburg Report

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Construction completions are expected to be quickly absorbed

Key Takeaways

  • Increased interest in the Greenville-Spartanburg market has fueled industrial activity throughout the pandemic thus far, the market absorbed 117,104 square feet.
  • Speculative construction deliveries pushed the vacancy rate up to 7.11% during the second quarter of 2020.
  • The next phase of construction will not be delivered until the middle of next year, so the available industrial space is expected be absorbed within the next few quarters.

Greenville is the place to locate

According to the U.S. Census Bureau, Greenville’s population has increased 19.2% from 2010 to 2019. Also, according to the Post and Courier, South Carolina’s growth percentage is ranked ninth in the U.S. The pandemic has forced people to evaluate where they live, and those cities with less dense populations in tertiary markets such as Greenville-Spartanburg are becoming popular places for large city residents to locate. Due to the influx of people throughout the state, housing demand has increased exponentially. In addition, the arrival of new residents will add to the labor pool and create opportunities for employers to choose employees from a larger group of applicants.

Increased interest in the Greenville-Spartanburg market has fueled industrial activity throughout the pandemic thus far. Speculative construction completed during the second quarter of 2020, and the market posted positive absorption throughout the market. Despite the vacancy rate increasing due to speculative construction deliveries, most of the construction pipeline is now built and the next phase of construction is not expected until next year. Industrial demand is high enough throughout the market that the construction delivered during this quarter is expected to be absorbed by year-end.  

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2020 Q2 Industrial Greenville-Spartanburg Report

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Related Experts

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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John Montgomery

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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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Brockton Hall

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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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Richard Barrett

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Dillon Swayngim

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