New waves of construction surge to meet ongoing demand
Key Takeaways
- Approximately 20 million square feet of new product is in the construction pipeline, with more than half anticipated to deliver within the next 18 months
- Robust activity continues to outweigh hesitancy in this market despite increasing costs, rising interest rates and capitalization rate compression nationwide
- Cherokee County is quickly becoming the next industrial hotspot
There are currently ±15.6 million square feet of industrial space under construction in the Greenville-Spartanburg, SC market, many of which are pre-leased speculative buildings. Six million square feet are scheduled to deliver before year-end and an additional five million square feet are expected to begin construction in 2023.
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