Upstate industrial market finds balance in macroeconomic headwinds
- Greenville-Spartanburg is not experiencing same macroeconomic challenges as many other markets due to increased manufacturing interest
- Speculative development still at all-time high throughout the market
- 2023 speculative development pipeline will likely decrease but absorption and vacancy rates will remain healthy
Year-over-year under construction square footage and related absorption has increased exponentially in the Upstate, but with current economic uncertainty, how long will this surge last? There continues to be record-setting speculative development throughout the Greenville-Spartanburg market, but a shrinking speculative development pipeline is likely in the future.
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