Shifting supply chain trends and e-commerce bolster industrial demand in Greenville-Spartanburg
- During the fourth quarter of 2020, Greenville-Spartanburg industrial market absorbed 1.73 million square feet.
- There are approximately 2.51 million square feet among 14 buildings under construction and another 2.66 million square feet proposed to begin construction.
- Within the next three months, the delivered speculative construction will likely be absorbed and new development will be crucial to keep up with growing demand.
New development will be necessary in 2021
As onshoring and supply chain optimization continues, the Greenville-Spartanburg market will gain new industrial development and expansions through 2022. Manufacturers are moving portions of their operations from overseas to North America and creating demand for additional industrial space throughout the region. Current aerospace and automotive industries are attracting new companies to the market who can contribute to their ever changing manufacturing processes and supply chains. E-commerce, cold storage and warehouse/distribution centers continue to need additional space due to disruption caused by the pandemic. Within the next three months as the remaining speculative space is absorbed, new development will begin to keep pace with ongoing demand.
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