Increasing construction prices hinder pipeline
- Overall absorption was 3.2 million square feet during the first quarter of 2021
- Market rents must increase for new construction to be feasible
- Demand is outpacing supply
Demand is high in the Greenville-Spartanburg industrial market because of its ideal location for logistics firms, strong manufacturing presence and supply constraints caused by increased construction costs and delivery delays. Projects under construction are absorbed quickly and at pro-forma, resulting in upward pressure on rental rates and sale prices.
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