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2020 Q3 Industrial Greenville-Spartanburg Report

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Strong year-end expected in Greenville-Spartanburg as pandemic heightens demand for industrial

Key Takeaways

  • The Greenville-Spartanburg industrial market absorbed 1.04 million square feet, decreasing the third quarter’s vacancy rate to 6.64%. 
  • The pandemic has stimulated multiple market sectors increasing demand throughout the market. 
  • Greenville-Spartanburg’s market is predicted to finish the year strong due to the deals currently under negotiation and/or closing. 

Lifestyle changes fueling industrial sector growth

COVID-19 has stimulated many sectors of industrial activity, thereby increasing demand throughout the Greenville- Spartanburg market. E-commerce, online grocery shopping and the resulting need for cold storage are fueling demand and absorption of well-located and specified facilities designed to meet these requirements. Market demand for this product remains high for both users and investors. Warehouse space close to major logistic pipelines is predicted to continue attracting interest from both investors and owner/users as e-commerce growth increases. While absorption is already positive in the third quarter of 2020, the number of deals currently under negotiation could bring year-end numbers up significantly. Tours for industrial property are rising with renewed interest from out-of-market investors in addition to continued local economic development within the Greenville- Spartanburg market. All of these factors are contributing to increased activity throughout the market going into the fourth quarter. 

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2020 Q3 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

Managing Director

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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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Richard Barrett

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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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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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Dillon Swayngim

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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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